The Tax Foundation says property taxes are the primary tool for financing local government as well as generating revenue in some states. In fact, they point out that, in FY 2023 alone, property taxes generated 28.9% of total state and local tax collections and 70% of local tax revenue. Also, in 2023 property taxes accounted for 70 % of local tax collections. So, where do people pay the most in property taxes? See the interactive chart below and be sure to read the full report.
“Local governments rely heavily on property taxes to fund schools, roads, police departments, fire and emergency medical services, and other services associated with residency and property ownership.”
Click here to read the full report at the Tax Foundation.