Tag Archive for ‘property taxes’

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 ›