Latest Info on Property Taxes
On May 19, 2011, we growled about new property tax burden information published by the Tax Foundation (Fiscal Fact No. 269). Based upon date from the U.S. Census Bureau, Joseph Henchman of the Tax Foundation provides the latest news on property taxes at their Tax Policy Blog:
“While other tax revenue sources for state and local governments have been sluggish in the economic downturn, property taxes continue to be strong revenue collectors. This is driven in part by local governments' ability to increase rates even as assessed values drop.”
In a chart he notes the following average annual change in state and local tax revenues by type of tax for the years 2007-2011:
- All State and Local Taxes -- +1.7%
- Individual Income Tax -- +0.1%
- Corporate Income Tax -- -4.7%
- Property Tax -- +5.0%
- Sales/Gross Receipts Tax -- +0.1%
- Gasoline Tax -- +1.5%
- Cigarette -- 3.5%
- Alcohol Taxes -- +2.8%
- Car Taxes & Drivers License Fees -- +2.7%
With Arlington County’s audited, annual financial report due out in December, it will be interesting to see how Arlington County compares for the five-year period 2007-2011. The following chart is posted at the Tax Policy Blog.
