theMReport.com Your trusted source for mortgage banking news
Property owners paid $601 billion in taxes over the four quarters ending in Q2 2019, according the National Association of Home Builders analysis of Census Bureau data.
The NAHB states that is how now been more than seven years since there was a decline in four-quarter property tax revenues.
Property taxes slowed in each quarter during 2018, but the four-quarter growth rate of property tax revenue increased during the first two quarters in 2019. Rising by 18.4%, corporate income tax revenues grew faster than any other major category.
State and local individual income tax revenues grew 4.2% while property and sales collections increased by 4.3% and 3.6%, respectively.
Overall, property taxes accounted for 39.1% of state and local tax receipts—the first quarterly decline in three quarters. Following property taxes were individual income taxes (29.1%), sales taxes (27.4%), and corporate taxes (4.4%).
Affordability has been a theme for the housing market for most of 2019, and a new survey by Redfin found that 46% of respondents said rising home prices over the past decade have made their lives worse and just 16% said their lives are better.
The survey revealed that those who bought a home at the bottom of the housing market in 2012 have earned $203 billion in home equity. Thirty-two percent of respondents said rising home prices have had no impact on their lives.
Additionally, 41% of those surveyed said Federal Tax Reform has had no impact on their lives. Jut 20% said that has made their lives better compared to 25% who said it has not.
Also, 63% of respondents say the government should provide down payment assistance to working class families buying their first home. Redfin surveyed more than 3,000 people who bought or sold a primary residence over the past year.
Recent insight form CoreLogic studied home prices, and noted that rising housing costs are impacting entry-level buyers the most.
CoreLogic states that since May 2018, prices of homes more than 25% above the average have risen 3%, compared to 5.5% for homes priced more than 25% below the median.
