State and Local Property Tax Revenue Grows in the First Quarter

2025-06-27T09:22:07-05:00

In the first quarter of 2025, state and local governments experienced an increase in property tax revenue growth. On a seasonally adjusted basis, state and local government property tax revenue grew 1.1% over the quarter, according to the Census Bureau’s quarterly summary of state and local tax revenue. Meanwhile, total tax revenue for state and local governments grew 1.3% over the quarter, with corporate income tax revenue up 6.6%, sales tax revenue up 0.9% and individual income tax revenue up 0.2%. Property tax revenue stood at $203.4 billion in the first quarter, a slight increase from $201.1 billion in the fourth quarter. While this does show growth over the quarter, growth has notably slowed over the past year. The quarterly growth in the first quarter of 2024 was almost double (2.1%) the current rate. On a year-over-year basis, property tax revenue was 5.2% higher, up from $193.3 billion. Property taxes typically make up the largest share of the total tax revenue for state and local governments, accounting for over one-third at 37.8% in the first quarter. The second highest revenue source was sales tax at 27.7%, totaling $148.9 billion, followed closely by individual income tax at 26.1% ($140.5 billion). Corporate income tax rounded out the remaining 8.4% at $45.4 billion. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

State and Local Property Tax Revenue Grows in the First Quarter2025-06-27T09:22:07-05:00

REALTORS® Will Always Be There For You

2021-05-04T09:16:44-05:00

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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