{"id":159128,"date":"2025-03-27T05:55:27","date_gmt":"2025-03-27T05:55:27","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/property-tax-revenue-outpaces-other-sources-in-2024\/"},"modified":"2025-03-27T05:55:27","modified_gmt":"2025-03-27T05:55:27","slug":"property-tax-revenue-outpaces-other-sources-in-2024","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=159128","title":{"rendered":"Property Tax Revenue Outpaces Other Sources in 2024"},"content":{"rendered":"


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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.<\/p>\n

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According to the Census Bureau\u2019s Quarterly Summary of State and Local Taxes<\/a>, 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.<\/p>\n

State Level Detail<\/h2>\n

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.<\/p>\n

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Additionally, the state where government tax revenue was most reliant on property tax was Vermont, where approximately 27.7% of the state\u2019s 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.<\/p>\n

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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. 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