Property Taxes At A 20Year High

Dated: 03/28/2014

Views: 1453

DAILY REAL ESTATE NEWS | THURSDAY, MARCH 27, 2014

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)
Blog author image

Phil Mount

Phil Mount is an agent at Front Street Brokers in Boise, Idaho. Phil became a licensed REALTOR in August 2009 after a 25 year career as a technology marketing professional. In his first year as an a....

Want to Advertise on this Site?

Latest Blog Posts

2018 Boise Spring Parade Of Homes Preview

Here's a quick peek at this year's 40 participating homes. From entry-level homes to high-end luxury properties, there is something for everyone! So whether you are looking to build your own home

Read More

2018 Spring Parade Of Home Info

2018 Boise Spring Parade of Homes is here!  What: Local builders showoff the latest in design and new construction technology.  Enjoy over a dozen gorgeous homes ready for your

Read More

CPR Credit Repair Idaho Shar Helton Chatting Credit Repair

CPR Credit Repair Idaho - Shar Helton Chatting Credit Repair!Hey guys!  Here we discuss another great and very important topic, Credit Repair. Shar Helton, Credit Expert with CPR- Credit

Read More

Great Meridian Location Close To Everything 1387 White Sands Meridian MLS 9868864

Great Meridian location close to everything!1387 White Sands, Meridian – MLS #9868864Great Meridian location close to shopping, schools, and the outdoors. This home has brand new carpet (w

Read More