Tag Archive for ‘property taxes’

Property Taxes Account for 40% of State and Local Revenue Among Major Sources

According to the latest data from the Census Bureau, taxes paid by homeowners and other real estate owners remain the largest single source of revenue for state and local governments. Beginning with the third quarter of 2013, the survey of State and Local Government Tax Revenue was streamlined and now includes only four major sources of revenue; property tax, state and local… Read More ›

Land Value Tax: An Alternative to the Property Tax

An alternative to the local property tax, the land value tax offers certain benefits over the economically inefficient property tax. However, its novelty and legal and political challenges continue to make it an elusive option at this time. According to numerous polls, the most hated tax is the local property tax. Economists Marika Cabral and Caroline Hoxby argue that Americans… Read More ›

A Good Source for Property Tax Information

Property tax systems vary markedly in the United States. From assessment ratios to valuation standards even the terminology is inconsistently applied. The differences exist not only across states but often within states. In Illinois, for example, real property is assessed at 33.33% of fair cash value for all counties except those with a population of more than 200,000. Thankfully, keeping… Read More ›

Real Estate Taxes by State 2012

The median real estate tax bill in New Jersey was $7,183, the highest in the nation, according to the recently released 2012 American Community Survey (ACS). The median real estate tax bill, by contrast, in Alabama was $535, the lowest in the nation. Eight of the top ten highest real estate tax states are located in the Northeast while a… Read More ›

Property Tax Remains Largest Revenue Source

According to the latest data from the Census Bureau, taxes paid by homeowners and other real estate owners remain the largest single source of revenue for state and local governments. At 34%, property taxes represent a significantly larger share than the next largest sources: individual income taxes (24%) and sales taxes (21%). State and local government property tax collections continue to increase… Read More ›

Property Tax Collections Reach Nominal High

During the last four quarters, state and local government property tax collections reached a historic high on a nominal dollar basis, according to the latest data from the Census Bureau. From the second quarter of 2012 through the end of the first quarter of 2013, approximately $478 billion of tax was paid by property owners. This exceeds the previous trailing four-quarter record… Read More ›

Property Tax Share Falls as Total Tax Receipts Increase

Property taxes are an important source of revenue for state and local governments to finance services, particularly education. Some analysts expected large declines in property tax collections for state and local governments in the wake of the Great Recession. However, this drop has never happened, despite historic price declines for owner-occupied housing. In fact, recent data demonstrate that nominal property tax… Read More ›

Property Tax Collections on the Rise Again

Property taxes are an important source of revenue for state and local governments to finance services, particularly education. Some analysts expected large declines in property tax collections for state and local governments in the wake of the Great Recession. However, this drop has never happened, despite historic price declines for owner-occupied housing. In fact, recent data demonstrate that property tax… Read More ›

The Drop in Property Taxes that Never Happened

Property taxes are an important source of revenue for state and local governments to finance services, particularly education. Some analysts expected large declines in property tax collections for state and local governments in the wake of the Great Recession. However, this drop has never happened, despite historic price declines for owner-occupied housing. In fact, recent data demonstrate that property tax… Read More ›

Property Tax Receipts Remain Constant Despite Housing Price Declines

Property taxes are an important source of revenue for state and local governments to finance services, particularly education. And despite claims to the contrary, property tax payments continue to provide an outsized share of state and local tax collections. From the first quarter of 2012 to the second quarter of 2011, approximately $471 billion of tax was paid by property… Read More ›