Total Property Tax Collections Hit Record High in 2024

Property tax revenue collected by state and local governments reached a new high in 2024 and continued as the largest single contributor to state and local 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 at the state/local level 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 billion, up 8.2% from the prior year and making up 38% of all state/local revenue. General sales tax revenue was up 1.2% to $587 billion (28% of the total) while 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%.

The sharp year-over-year rise in property tax collections was driven primarily by the rapid home price inflation seen over 2023 and 2024.

For more on state and local tax collection, see this Eye on Housing post from NAHB’s economics team.