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Property tax revenue collected by state and local governments reached a new high in 2024 and continued to make up a bulk of tax revenue. Total tax revenue for state and local governments also reached a high after falling in 2023, driven by higher revenue across all sources. In 2024, tax revenue totaled $2.095 trillion, up 4.6% from $2.004 trillion in 2023.

According to the Census Bureau’s Quarterly Summary of State and Local Taxes, state and local property tax revenue totaled $797.0 billion (38.0%), up 8.2% from the prior year. Individual income tax totaled $537.4 billion (25.6%), up 4.7% over the year. Corporate income tax totaled $174.5 billion (8.3%), up 0.2% and general sales tax revenue was up 1.2% to $587.0 billion (28.0%) in 2024.

State Level Detail

Separating out this summary to just the state level, property taxes accounted for only 1.6% of state tax revenue in 2024, totaling $24.3 billion. State tax revenue is mostly comprised of individual income tax and general sales tax, with individual income tax reaching $490.7 billion (32.9%) and general sales tax at $470.0 billion (31.5%) in 2024.

Additionally, the state where government tax revenue was most reliant on property tax was Vermont, where approximately 27.7% of the state’s tax revenue was from property tax. Seventeen states did not collect any tax revenue in the form of property tax. This means that for property tax within a state, all collections essentially remain at the local government level.

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This article was originally published by a eyeonhousing.org . Read the Original article here. .


With the end of 2024 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In October, Jesse Wade shared the average real estate tax by state and also an effective rate controlling for home value.

Nationally, across the 86 million owner-occupied homes in the U.S., the average annual real estate taxes paid in 2023 was $4,112, according to NAHB analysis of the 2023 American Community Survey. Homeowners in New Jersey continued to pay the highest real estate taxes, paying an average of $9,572, 30.6% higher than the second highest, New York, at $7,329 . On the other end of the distribution, homeowners in Alabama paid the lowest average amount of real estate taxes at $978. The map below shows the geographic variation of average annual real estate taxes (RETs) paid.

Compared to 2022, every state saw increases in the average amount of real estate taxes paid. The largest percentage increase was in Hawaii, up 21.1% from $2,541 to $3,078.  The smallest increase was in New Hampshire, up 1.1% from $6,385 to $6,453.

Average Effective Property Tax Rates

While average annual real estate taxes paid is important, it provides an incomplete picture. Property values vary across states, which explains some, if not most, of the variation across the nation in average annual real estate taxes. To control for property values and create a more informative state-by-state analysis, NAHB calculates the average effective property tax rate by dividing aggregate real estate taxes paid by aggregate value of owner-occupied housing within each state. For example, the aggregate real estate taxes paid across the U.S. was $352.3 billion with an aggregate value of owner-occupied real estate totaling $38.8 trillion in 2023. Using these two amounts, the average effective property tax rate nationally was $9.09 ($352.3 billion/$38.8 trillion) per $1,000 in home value. This effective rate can be expressed as a percentage of home value or as a dollar amount taxed per $1,000 of a home’s value. The map below displays the effective rate by state below.  

Illinois, a change from New Jersey in 2022 , had the highest effective property tax rate at $18.25 per $1,000 of home value. Consistent with 2022, Hawaii had the lowest effective property tax rate at $3.18 per $1,000 of home value. Additionally, Hawaii had the largest increase over the year, up 18.8% from $2.68 in 2022. Twenty states saw their effective property tax rates fall between 2022 and 2023, with the largest decrease occurring in West Virginia where it fell 6.0%, from $5.06 to $4.75 per $1,000.

Intrastate Variation: Examples from New York

While property taxes clearly vary by state, there also exists variation within states themselves. The latest county level data available comes from 2022 5-year ACS estimates. Analyzing these data , New York showed the highest degree of variation of average property taxes paid and effective real estate tax rates across the counties of any state. Home owners in Westchester County on average paid $14,156 in real estate taxes in 2022, the highest of any county in New York. The lowest amount was in Hamilton County, where home owners paid on average $2,827 in real estate taxes.

For effective property tax rates, New York continues to tell the story of intrastate variation. As shown above, Westchester County paid the higher average annual real estate taxes in 2022, but looking at effective property tax rate, which accounts for home value, Westchester’s effective property tax rate is near the middle at $18.34.  Home owners in Monroe County seem to get the short end of the stick, paying at a rate of $26.27 per $1,000 of home value, the highest in New York. The lowest effective property tax rate was in Kings County, paying a mere $5.30 per $1,000 of home value in taxes.

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This article was originally published by a eyeonhousing.org . Read the Original article here. .


State & local tax revenue from property taxes paid reached $203.9 billion in the third quarter of 2024 (seasonally adjusted), according to the Census Bureau’s quarterly summary of state & local tax revenue. This marks a 2.8% increase from the revised $198.3 billion in the second quarter of 2024 and also marks the first quarter where property tax revenue topped $200 billion for state & local governments. Year-to-date, total state & local tax revenue was $1.56 trillion. This was 5.4% higher than the $1.48 trillion through the first three quarters of 2023.

The 2.8% quarterly increase in the property tax revenue was up from the previous quarter of 2.6%. Property tax revenues have grown at an average rate of 0.87% from 2009 to 2024.  This quarter marks the fourth consecutive quarter of above average growth.

Year-over-year, property tax revenue was 11.2% higher, a notable uptick from the 8.0% increase in the previous quarter. The average year-over-year growth rate from 2010 to 2024 is 3.60%. The last time yearly growth was below the average was the 1.1% decline in the third quarter of 2022.

Of total state & local collections in the third quarter, property tax made up the largest share at 38.2%, followed by sales tax at 27.3%. Individual income tax represented 26.0% of tax revenue, while corporate tax made up the remaining 8.5% for state & local revenues in the third quarter of 2024.

Over the past decade, state & local governments have been most reliant on property taxes for revenue. Sales tax has had an increased importance since 2023, when the share of sales tax of total revenues grew above individual income tax shares. See the chart below for the trends of total state & local government tax revenue shares.

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This article was originally published by a eyeonhousing.org . Read the Original article here. .


Nationally, across the 86 million owner-occupied homes in the U.S., the average annual real estate taxes paid in 2023 was $4,112, according to NAHB analysis of the 2023 American Community Survey. Homeowners in New Jersey continued to pay the highest real estate taxes, paying an average of $9,572, 30.6% higher than the second highest, New York, at $7,329 . On the other end of the distribution, homeowners in Alabama paid the lowest average amount of real estate taxes at $978. The map below shows the geographic variation of average annual real estate taxes (RETs) paid.

Compared to 2022, every state saw increases in the average amount of real estate taxes paid. The largest percentage increase was in Hawaii, up 21.1% from $2,541 to $3,078.  The smallest increase was in New Hampshire, up 1.1% from $6,385 to $6,453.

Average Effective Property Tax Rates

While average annual real estate taxes paid is important, it provides an incomplete picture. Property values vary across states, which explains some, if not most, of the variation across the nation in average annual real estate taxes. To control for property values and create a more informative state-by-state analysis, NAHB calculates the average effective property tax rate by dividing aggregate real estate taxes paid by aggregate value of owner-occupied housing within each state. For example, the aggregate real estate taxes paid across the U.S. was $352.3 billion with an aggregate value of owner-occupied real estate totaling $38.8 trillion in 2023. Using these two amounts, the average effective property tax rate nationally was $9.09 ($352.3 billion/$38.8 trillion) per $1,000 in home value. This effective rate can be expressed as a percentage of home value or as a dollar amount taxed per $1,000 of a home’s value. The map below displays the effective rate by state below.  

Illinois, a change from New Jersey in 2022 , had the highest effective property tax rate at $18.25 per $1,000 of home value. Consistent with 2022, Hawaii had the lowest effective property tax rate at $3.18 per $1,000 of home value. Additionally, Hawaii had the largest increase over the year, up 18.8% from $2.68 in 2022. Twenty states saw their effective property tax rates fall between 2022 and 2023, with the largest decrease occurring in West Virginia where it fell 6.0%, from $5.06 to $4.75 per $1,000.

Intrastate Variation: Examples from New York

While property taxes clearly vary by state, there also exists variation within states themselves. The latest county level data available comes from 2022 5-year ACS estimates. Analyzing these data , New York showed the highest degree of variation of average property taxes paid and effective real estate tax rates across the counties of any state. Home owners in Westchester County on average paid $14,156 in real estate taxes in 2022, the highest of any county in New York. The lowest amount was in Hamilton County, where home owners paid on average $2,827 in real estate taxes.

For effective property tax rates, New York continues to tell the story of intrastate variation. As shown above, Westchester County paid the higher average annual real estate taxes in 2022, but looking at effective property tax rate, which accounts for home value, Westchester’s effective property tax rate is near the middle at $18.34.  Home owners in Monroe County seem to get the short end of the stick, paying at a rate of $26.27 per $1,000 of home value, the highest in New York. The lowest effective property tax rate was in Kings County, paying a mere $5.30 per $1,000 of home value in taxes.

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This article was originally published by a eyeonhousing.org . Read the Original article here. .


Alec Baldwin has been trying to sell his seven-bedroom, nine-bath house in Amagansett since 2022, a year after the fatal Rust shooting. He even made a forlorn video about it, in which he sadly extolled the features of the property and sounded like he didn’t want to sell it at all. Now that the Rust case against him has been dismissed, it might seem like any potential buyers put off by legal troubles can now move ahead without any qualms.

Realtors think Alec Baldwin’s farmhouse, featured in the video he made for the listing, is dated.
Photo: Saunders/Youtube

But, as multiple real-estate agents told Realtor.com, the house is maybe not worth its asking price of $19 million (down from an original asking price of $29 million). They noted that the location — north of the highway, and therefore far from the water — isn’t actually ideal, and that a portion of the eight-acre parcel is reserved for agricultural use, which means it’s not what developers are looking for. Telly Karoussos, a Douglas Elliman agent, pointed out that there are a lot of better locations at the current price point. “You have other large land options, oceanfront options,” he told Realtor.

And then there’s the actual design and décor of the 10,000-square-foot estate. Buyers who have nearly $20 million to spend are looking for something that’s move-in ready, not one that needs a renovation. The house that Baldwin has lived in with two different wives over three decades is a classic farmhouse with a somewhat stodgy Hamptons vibe. “The Baldwin property is lovely, but it is a very old home that has been renovated on multiple occasions,” Karoussos said. “The marketing even suggests that the buyer of this property might just want to build new.”

But perhaps one of the main drawbacks, some brokers suggest, is Baldwin himself. The charges against him might have been dismissed, but, as Jenny Lenz, managing director of Dolly Lenz Real Estate, put it, the actor’s “active participation in marketing the home is probably a detriment and clients have suggested it has an ‘ick’ factor.”

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This article was originally published by a www.curbed.com . Read the Original article here. .

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