State & Local Tax Revenues: 2024 First Quarter Analysis


The Census Bureau’s quarterly summary of State & Local Tax Revenue shows a 1.7% increase in property taxes paid, rising from a revised estimate of $754.1 to $766.7 billion in the seasonally adjusted four quarters ending in the first quarter of 2024. The rate of quarterly increases ticked up slightly, up from 1.5% in the fourth quarter of 2023 to 1.7% in the first quarter of 2024. This was the sixth straight quarter where the quarterly percentage increase was above the historical average since 2011 of 0.9%. Year-over-year, property tax revenue was 8.9% higher. This was the third straight decease in the year-over-year rate of change in the property tax data. Despite this, the first quarter of 2024 still experienced a year-over-year increase that is double what it has historically been. Property tax share of total State & Local tax collections in the first quarter stood at 37.9%, up a marginal 0.3 percentage points from the previous quarter. This share had been trending upward since the third quarter of 2022 when it was at 33.7%. Of total collections, property tax made up the largest share, followed by sales at 28.4%. Individual income tax represented 25.2% of tax revenue while corporate tax made up the remaining 8.4% of revenues for state & local governments in the first quarter of 2024. Discover more from Eye On Housing Subscribe to get the latest posts to your email.

State & Local Tax Revenues: 2024 First Quarter Analysis2024-06-24T10:18:29-05:00

REALTORS® Will Always Be There For You


A century ago, real estate leaders from across Texas formed an association dedicated to professionalism. They wanted to drive unscrupulous operators from the business. These pioneers of the industry pledged to put the interests of homebuyers, sellers, and property owners first. Though the times have changed, the organization’s goals have not. Pushing For Higher Standards and Working to Protect Your Interests You recognize that a REALTOR® is the professional best equipped to help you achieve your real estate dreams, but REALTORS® also work together to make your life better in myriad ways: REALTORS® were the driving force to require licensing and regulation of agents and brokers. Over the years, REALTORS® have fought for educational standards and minimum-service requirements. REALTORS® pledge to abide by a Code of Ethics that goes beyond what Texas law requires. REALTORS® have stopped countless efforts to tax real estate transactions and create real estate transfer fees and taxes. REALTORS® get involved in issues that matter to you, like ensuring local ordinances aren’t overly burdensome to property owners, buyers, sellers, renters, and landlords. REALTORS® pool resources to provide the best tools to real estate clients, such as contracts that improve real estate transactions and the best market data available. REALTORS® volunteer in local communities to make your area a better place to call home. Looking to the Future  Members of Texas REALTORS® celebrated the association’s 100th anniversary in 2020 and are as dedicated as ever to serving you and shaping Texas for another century and beyond. Your REALTOR® Can Help You Achieve Your Real Estate Dreams. REALTORS® also work collectively to make transactions, property ownership, and life in your community better for you.

REALTORS® Will Always Be There For You2021-05-04T09:16:44-05:00

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