The National Association of Home Builders’ Eye On Housing recently crunched the numbers from the Census Bureau’s quarterly tax data. and found that $525 billion in taxes were paid by property owners over the four quarters ending in Q1 2016. This represents a 4.4% increase ($22 billion) over the previous trailing four quarters – the largest percentage increase in 7 years.
Key takeaways:
- Q1 of 2016 marked the first time since 2010 that four-quarter property tax revenues grew faster than sales tax receipts.
- Property taxes accounted for 39.3% of state and local tax receipts
- Individual income taxes represented 28.7% of state and local tax receipts
- Sales taxes were 27.7% of state and local tax receipts
- Corporate taxes were 4.3% of state and local tax receipts
Click here to read the full report on the NAHB’s Eye On Housing.
