I don't think any New Yorkers who own homes or property are surprised to find out that we are among the top states with high property tax revenue. What's probably more surprising is that we are not actually at the top of the list.
To determine the states that collect the most property tax revenue, researchers at Porch calculated property tax revenue as a share of total general tax revenue.
Porch.com conducted a study of how much each state collects in property taxes in the United States. According to the site, property taxes account for the second-highest revenue stream of states and local governments. Only intergovernmental revenue provides more income.
Among all revenue sources, property tax trails only intergovernmental funds (22%), which comprises funds transferred from one government to another (most frequently federal to state or local) through grants, loans, and other agreements.
That means in states like New York and the others in the top 15, there isn't likely to be a significant reduction in property taxes anytime soon. We all know the government is giving up one of its best money-makers easily.
Property tax collections represent 16.6% of state and local general tax revenues, which makes it the largest form of “own-source” revenue generated by states and localities, ahead of individual income (12.9%) and general sales taxes (12.5%).
While nine states don't have state income tax and five have no state sales tax, New York taxes everything. And depending on where you live in the state, you may have some super high local or city taxes, in addition to state taxes.
But, it ain't all bad. Be glad you don't live in the state with the highest property tax revenue. That honor goes to New Hampshire, where almost 40 percent of its revenue comes from property taxes:
Property tax as a share of total general tax revenue: 36.5%
Annual property tax revenue (per capita): $3,246
Annual property tax revenue (total): $4,413,670,000
Annual general tax revenue (total): $12,099,243,000
Here's where New York ranks compared to other states for property tax revenue
New York is among the top 15 states with the highest property taxes, but we landed just outside the top 10.
New York Ranks #11 Among States That Collect the Most Property Tax Revenue
Property tax as a share of total general tax revenue: 18.9%
Annual property tax revenue (per capita): $3,180
Annual property tax revenue (total): $61,857,624,000
Annual general tax revenue (total): $327,909,409,000
We may complain (and, rightfully so) about how much money we have to pay in property taxes, I mean when you compare the per capita amount we're not that far off the #1. But at least New York we're not #1. We gotta find something to laugh about, so we don't cry!
You can see the full list at Porch.com.
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