Which of the following is a specific expense item rather than a category?

Property taxes are categorized as a specific expense item because they represent a defined cost that homeowners or property owners must pay based on the assessed value of their property. Unlike broader categories, which may encompass various types of expenses, property taxes consist of a fixed rate determined by local government entities and are paid on an annual basis, often varying little from year to year. This distinct nature of property taxes makes them a specific expense item that can be readily identified in financial assessments and appraisals.

Other options, such as operating expenses and fixed charges, represent broader categories that encompass multiple individual expenses rather than isolating a specific one. For instance, operating expenses can include various costs such as maintenance, utilities, and management fees, while fixed charges might cover a range of predictable, recurring costs associated with property ownership. Replacement reserves, while specific in their purpose to fund future capital expenditures, still represent a category that may include various line items. Hence, property taxes stand out as the only specific expense item in the list.