Tag: property tax

To What Extent Does Your State Rely on Property Taxes?

Mary Pat Campbell
To What Extent Does Your State Rely on Property Taxes?

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Property taxes represent a major source of revenue for states and the largest source of tax revenue for localities. In fiscal year 2018, the most recent data available, property taxes were such a significant source of local revenue that they accounted for 71.7 percent of local tax collections nationwide and 31.1 percent of total U.S. state and local tax collections, a greater proportion than any other source of tax revenue. In that same year, 25 states and the District of Columbia collected the greatest share of their combined state and local tax revenue from property taxes, with property taxes the largest share of local revenue in all but two states (Arkansas and Louisiana, both of which have high local sales taxes).

Author(s): Janelle Cammenga

Publication Date: 19 January 2021

Publication Site: Tax Foundation

FIX OR SELL? ILLINOIS’ HIGH PROPERTY TAXES MAKE EITHER TOUGH

Mary Pat Campbell

Link: https://www.illinoispolicy.org/fix-or-sell-illinois-high-property-taxes-make-either-tough/

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Illinois has 859 school districts and 25% of them serve just one school. Florida, which serves over 700,000 more students than Illinois, has 75 districts. Florida averages 38,000 students per district.

In addition to Illinois being home to the second-highest property taxes in the country, one of the most painful facts about owning a home here is that tax dollars don’t go to the services people expect and value.

Author(s): Hilary Gowins

Publication Date: 11 February 2021

Publication Site: Illinois Policy Institute

Homeowners in these 10 towns would pay the most under a proposed Connecticut ‘mansion tax’

Mary Pat Campbell

Link: https://www.courant.com/politics/hc-pol-mansion-tax-towns-20210127-vn3vkw7hfrg6lngynndiwe5kzi-story.html

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A proposed statewide property tax on homes valued at $430,000 or higher would be largely paid by homeowners along Connecticut’s Gold Coast, with Greenwich accounting for more than 25% of all the new revenue, according to legislative estimates.

But the analysis prepared by legislative staff shows that some homeowners in smaller or less well-heeled towns like Manchester or Putnam, would also be on the hook for the new fee, though contributing far less to the estimated $75 million that would be raised annually than their Fairfield County counterparts.

Author: Russell Blair

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Publication Site: Hartford Courant