Monday, April 21, 2014

Report: Property Tax Collections above Pre-Recession Peak

by Bill McBride on 4/21/2014 11:22:00 AM

From Bloomberg: Property-Tax Collections Rising at Fastest Pace Since U.S. Crash

Property-tax collections nationally rose to $182.8 billion during the last three months of 2013 ... according to a U.S. Census estimate last month. That topped the previous peak four years earlier ...

In cities including San Jose, California, Nashville, Tennessee, Houston and Washington, revenue from real-estate levies has set records, or is poised to.

Local governments are using the money to hire police, increase salaries and pave roads after the decline in property values and 18-month recession that ended in 2009 forced them to eliminate about 600,000 workers ...
Property tax Click on graph for larger image.

Here is the report from the Census Bureau: Quarterly Summary of State and Local Government Tax Revenue for 2013:Q4

This graph from the Census Bureau report shows Q4 property taxes since 2003 - and property taxes have increased slightly in Q4 2013 and are back to the pre-recession peak.

This another data point suggesting that aggregate layoffs are over at the state and local level.