Recent analysis from the NAHB’s Eye on Housing says that $132 billion in taxes were paid by property owners in Q2 of 2023. They point out that in the four quarters ending Q2 2023, state & local governments collected $727 billion of property tax revenue, representing a 7.4% increase over Q2 2022. In addition, property taxes accounted for 37% of state & local tax receipts in the four quarters ending Q2 2023, up from 35.6% the prior quarter.
“The share of property tax receipts among the four major tax revenue sources naturally changes with fluctuations in non-property tax collections. Non-property tax receipts including individual income, corporate income, and sales tax revenues, by nature, are much more sensitive to fluctuations in the business cycle and the accompanying changes in consumer spending…”