Property Taxes are Largest Chunk of State and Local Tax Receipts

Filed in Economics by on July 27, 2015 0 Comments

Property taxes accounted for a whopping $500 billion in state and local tax receipts between the first quarter of 2014 through the end of the first quarter of 2015, according to NAHB tabulations of Census Bureau quarterly data. The $500 billion consists mostly of real estate, but also includes taxes on commercial real estate farms, cars and other personal property.

As NAHB economist Robert Dietz reports in a recent Eye on Housing post, property taxes constituted 39.5% of state and local receipts among major sources during this time frame, followed by sales taxes and individual taxes, which each totaled 28% of receipts. At 4.5%, corporate income taxes held the smallest share among major sources.

salt sharesDietz also analyzed statistics produced by the Organisation for Economic Cooperation and Development (OECD), which tabulated property tax revenues as a share of total tax collections for each nation.

Dietz estimates that property taxes for owner-occupied housing totaled just under $200 billion and accounted for 4.64% of U.S. tax receipts in 2011 (the residential data are more complete for 2011 than 2012). According to the OECD, the average share for residential property taxes for reporting nations was just 1.035% for 2011. Learn more in his post.

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