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Property Taxes Account for 40% of State and Local Revenue Among Major Sources

March 27, 2014

Eye on Housing

According to the latest data from the Census Bureau, taxes paid by homeowners and other real estate owners remain the largest single source of revenue for state and local governments. Beginning with the third quarter of 2013, the survey of State and Local Government Tax Revenue was streamlined and now includes only four major sources of revenue; property tax, state and local individual income tax, corporate income tax, and sales tax. At 40.2%, property taxes represent the largest share of revenue generated from the four major sources.

By focusing on only four sources, the quarterly survey no longer includes data on revenue from miscellaneous sources like motor fuel taxes, motor vehicle taxes, tobacco taxes, and alcohol taxes. In the second quarter of 2013, prior the change, revenue from miscellaneous sources was $74 billion or 19.3% of total state and local tax revenue for the quarter.

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The major revenue source with the…

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