According to recent analysis from the NAHB’s Eye on Housing, state and local tax data from the U.S. Census show that $286 billion in taxes were paid by property owners in Q4 of 2022. In fact, state and local governments collected $714 billion in property taxes in 2022, $46 billion more than 2021. The Eye on Housing says the 6.9% annual increase is the largest since 2009.
“In terms of the share of total receipts, property taxes were followed by individual income taxes (30.0%), sales taxes (27.6%), and corporate taxes (7.5%).”
Click here to read the full report at the NAHB’s Eye on Housing.