Tag Archive for ‘property taxes’

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 ›

Tax Week: The Real Estate Tax Deduction

As tax filing season comes to a close, now is a good time to take a look at some of the basic facts concerning the deduction for property taxes paid on an owner-occupied home. As homeowners past and present know, this deduction helps offset the cost of homeownership. A few facts about the deduction from 2010 data:  The property tax deduction… Read More ›

Property Taxes Remain Historically High

Property taxes are an important source of revenue for state and local governments to finance government services, particularly education. And despite claims to the contrary, property tax payments continue to provide an outsized share of state and local tax collections. In fact, Census data of state and local government tax collections for the final quarter of 2011 indicate a small… Read More ›

Property Tax Receipts Stabilize in the Third Quarter of 2011

Property taxes are an important source of revenue for state and local governments to pay for government services, particularly education. When factoring in revisions, Census data of state and local government tax collections for the third quarter of 2011 indicate a small increase from the previous quarter to $467 billion on an annualized basis. Nonetheless, total property tax collections from the fourth quarter of 2010 through the third quarter of 2011 were… Read More ›

The Importance of Property Taxes for Schools

In federal policy debates, the role of housing as a source of funding for education and other public services is often neglected. According to Census data and NAHB calculations, the average homeowner pays annual property taxes of 1.04% of the value of their home or $1,917. A significant portion of these tax payments goes to finance education. Using data from the… Read More ›