Tag Archive for ‘property taxes’

Property Taxes by State – 2016

The 2016 American Community Survey data shows that New Jersey still leads the nation with the highest average annual real estate tax (RET) bill of $8,374—$7,707 more than RETs paid by Alabama’s homeowners. The difference between the highest-taxed state (New Jersey) and lowest (Alabama) grew by $481 in 2016. The overall distribution remained roughly unchanged since 2015, as the composition… Read More ›

Property Tax Revenue Keeps Climbing

NAHB analysis of the Census Bureau’s quarterly tax data shows that $549 billion in taxes were paid by property owners over the four quarters ending in Q1 2017.[1] This represents an $8 billion—or 1.5%—increase over the previous trailing four quarters.  After slowing in three consecutive quarters, the growth rate of property tax receipts has now accelerated over the last two and remains robust… Read More ›

Property Tax Revenue Grows Over Four Percent

NAHB analysis of the Census Bureau’s quarterly tax data shows that $524 billion in taxes were paid by property owners over the four quarters ending in Q1 2016. This represents a $22 billion—or 4.4%—increase over the previous trailing four quarters, the largest percentage increase since 2009. Property taxes accounted for 39.3% of state and local tax receipts, the largest share… Read More ›

Property Tax Collections Total $500 Billion Over Last Four Quarters

According to NAHB tabulations of the Census Bureau’s quarterly data, property taxes constituted 39.5% of state and local tax receipts among major sources over the last four quarters. From the first quarter of 2014 to the end of the first quarter of 2015, sales taxes and individual taxes were responsible for 28% each. At 4.5%, corporate income taxes held the smallest share of state… Read More ›

Property Taxes Make Up 40% of State and Local Tax Revenues

According to NAHB tabulations of the Census Bureau’s quarterly data, property taxes constituted 39.7% of state and local tax receipts among major sources for 2014. Sales taxes had the second largest share at 27.8%, followed closely by individual income tax at 27.9%. At 4.6%, corporate income taxes held the smallest share of state and local tax receipts among major sources. Further gains are expected in… Read More ›

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 ›