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Document Number: 7390

Special Report: Property Tax Collections Surged with Housing Boom: Will Localities Respond to Housing Dip with Higher Rates? - No tax riles the American people more than property taxes, especially real estate taxes that are based on the value of their homes and land. According to a recent Tax Foundation poll, property taxes are thought to be the least “fair” of all state and local taxes. This report examines property taxes throughout the nation, with five main findings: (1) Property taxes highest in the Northeast, Texas, Illinois and Wisconsin; (2) New York and New Jersey dominate list of high-tax counties; (3) About half of all property taxes go to public schools; (4) Property taxes rose faster than incomes from 2002 to 2004; and (5) Housing market decline may force local governments to cut spending or raise property tax rates. (Gerald Prante, Tax Foundation, October 2006)...

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