Property owners paid $22 billion – or 4.4% - more in property taxes over the four quarters ending in 2016’s first quarter than over the previous four quarters, according to National Association of Home Builders analysis of the Census Bureau’s quarterly tax data.
David Logan, for the NAHB’s Eye of Housing blog, reports that $524 billion in taxes were paid by property owners over that stretch, making up the largest percentage increase since 2009.
Property taxes accounted for 39.3% of state and local tax receipts, the largest share among major sources over the past four quarters, followed by individual income taxes (28.7%), sales taxes (27.7%), and corporate taxes (4.3%).
The first quarter of 2016 marked the first time since 2010 that four-quarter property tax revenues grew faster than sales tax receipts. Though the growth of the more-volatile income and sales tax receipts has moderated in recent quarters, the growth rate of 12-month property tax collections remains robust. This rate has increased every quarter but one since Q3 2014, and the ratio of property tax revenue to total tax revenue from the four aforementioned sources remains more than two percentage points above its pre-housing boom average of 37%.