Mar 28

Property Taxes at a 20-Year High

Property Taxes at a 20-Year High

Property Taxes at a 20-Year High. Image courtesy of BimXD / FreeDigitalPhotos.net

Property Taxes at a 20-Year High. Image courtesy of BimXD / FreeDigitalPhotos.net

 

Property taxes continue to increase, as the amount collected by state and local governments in 2013 reached the highest level in about two decades, according to U.S. Census Bureau data.

About $488 billion in property taxes were collected last year, a 3 percent increase from 2012 and a 270 percent increase from 1992, the first year for which data is available.

Property-tax collection totals have risen every year since 1992 except for 2010, when it fell by $5 million.

Property taxes remain the largest source of revenue for state and local governments, according to the Census Bureau.

“Although house prices experienced healthy increases over the last two years, one should not expect property tax collections to increase significantly,” according to the National Association of Home Builders. “Instead, lagging assessments and the ability of local jurisdiction to make annual adjustments should lead to only modest increases.”

Source: “Property Taxes Account for 40% of State and Local Revenue Among Major Sources,” National Association of Home Builder’s Eye on Housing Blog (March 26, 2014) and “Property Taxes Hit Highest Level in 20 Years,” HousingWire (March 26, 2014)

 

 

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