Property Tax Revenue Climbs as Share of State & Local Government Revenue

BY  ON OCTOBER 12, 2023

Recent analysis from the NAHB’s Eye on Housing says that $132 billion in taxes were paid by property owners in Q2 of 2023. Click here to read more.

They point out that in the four quarters ending Q2 2023, state & local governments collected $727 billion of property tax revenue, representing a 7.4% increase over Q2 2022.  In addition, property taxes accounted for 37% of state & local tax receipts in the four quarters ending Q2 2023, up from 35.6% the prior quarter.

“The share of property tax receipts among the four major tax revenue sources naturally changes with fluctuations in non-property tax collections. Non-property tax receipts including individual income, corporate income, and sales tax revenues, by nature, are much more sensitive to fluctuations in the business cycle and the accompanying changes in consumer spending…”

Click here to read the full report at the Eye on Housing.

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  • Hamza Ashfaq
    published this page in Updates 2023-10-26 09:38:39 -0600