In its analysis of the Census Bureau’s quarterly tax data, NAHB reports that $519 billion in taxes were paid by property owners over the four quarters ending in the third quarter of 2015. The $19 billion, or 3.9%, increase over the previous trailing four quarters is the largest annual increase since early 2010, according to NAHB's David Logan

Property taxes accounted for 39.1% the largest share, of state and local tax receipts among major sources over the past four quarters, followed by individual income taxes (28.8%), sales taxes (27.8%), and corporate taxes (4.4%).

But state and local non-property tax collections are actually outpacing gains in property receipts.

As the growth of the more-volatile non-property tax receipts has accelerated, the ratio of property tax revenue to total tax revenue from the four aforementioned sources has fallen from a high of 44.9% to 39.1% in roughly six years. While down nearly five percentage points since 2010, the current share is still higher than the pre-housing boom average of 37%.

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