December 19, 2006
Gerald Prante: Property Taxes Soar Across U.S.
For immediate release
Media contact: Brian Phillips (202) 464-5102
Washington, D.C.— Property tax collections have exploded over the last four years according to a new report by Gerald Prante, an economist at the Tax Foundation.
Adjusted for inflation, property taxes have increased by 12 percent, Prante said. "It's about 27 percent in nominal terms since 2000." By comparison, property taxes increased by just 2 percent from 1994 to 2000.
Prante discussed his report and the way property taxes are levied in the Tax Foundation's most recent Tax Policy Podcast.
Property taxes, he said, cause outrage amongst many Americans for a couple of reasons. "It's a highly visible tax," he said. "Either it's in their mortgage or, in many cases, you write a one-time huge check to the government."
The second reason is that we generally know how property taxes are spent and can evaluate their usage easily. "It's basically schools and roads. People can see the performance of those government expenditures."
Soaring property taxes around the country have pushed lawmakers to seek reforms. In states such as New York and New Jersey, where property taxes are the highest, legislative sessions beginning next spring will attempt to address taxpayers concerns.
Listen to the podcast here.
MORE:
Property Tax Collections Surged with Housing Boom
Chart: Property Taxes on Owner Occupied Housing by State, 2005
Chart: Property Taxes on Owner Occupied Housing by County, 2005
For media inquires please email Brian Phillips or call 202.464.5102.
