According to NAHB analysis of the Census Bureau’s quarterly tax data, property taxes accounted for $573 billion, or 40.4%, of the state and local tax receipts paid over the last four quarters ending in the fourth quarter of 2017. This four-quarter period marks the first time that the property tax share of total tax receipts has risen above 40.0% for four consecutive quarters.
Individual income taxes make up the second-largest share of total receipts at 28.5%, followed by sales taxes at 27.3% and corporate taxes at 3.8%.
As a share of state and local tax receipts, property taxes have increased in all but one of the prior ten quarters (see below). The ratio of property tax revenue to total tax revenue from the four sources shown above remains more than three percentage points above its pre-housing boom average of 37%.Read More