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1 Aaron Merchak & Kail Padgitt, Property Tax Revenue Increased As Property Values Fell 1 (2010)

handle is hein.taxfoundation/ffcedxz0001 and id is 1 raw text is: FOUNDATION August 31, 2010 No. 243 N I--- Property Tax Revenue Increased As Property Values Fell By Aaron Merchak and Kail Padgitt The recession that began in December 2007 was precipitated by a financial crisis which in turn was triggered by the popping of a real estate bubble, particularly in residential property. And indeed, property values did decline dramatically. The Case-Shiller index, a popular measure of residential home values, shows a drop of almost 16 percent in home values across the country between 2007 and 2008. As property values fell, one might expect property tax collections to have fallen commensurately, but in most cases they did not. Data on state and local taxes from the U.S. Census Bureau show that most states' property owners paid more in FY 2008 (July 1, 2007, through June 30, 2008) than they had the year before (see Table 1). Nationwide, property tax collections increased by more than 4 percent. In only four states were FY 2008's collections lower than in FY 2007: Michigan, South Carolina, Texas and Vermont. And in three states - Florida, Indiana and New Mexico - property tax collections rose more than 10 percent. Table 1 State and Local Per Capita Property Tax Collections Fiscal Years 2007-2008 Per Capita Per Capita Property Tax Property Tax Rank Collections Collections Percentage (1 is Largest 2007 2008 Change Increase) United States $ 1,298 $ 1,352 4.2% Alabama $ 454 $ 495 9.1% 6 Alaska $ 1,523 $ 1,559 2.4% 41 Arizona $ 991 $ 1,043 5.2% 23 Arkansas $ 477 $ 512 7.4% 11 California $ 1,347 $ 1,449 7.6% 10 Colorado $ 1,181 $ 1,254 6.2% 13 Connecticut $ 2,314 $ 2,381 2.9% 40 Delaware $ 662 $ 695 4.9% 26 Florida $ 1,476 $ 1,649 11.7% 1 Georgia $ 1,009 $ 1,063 5.3% 22 Hawaii $ 891 $ 977 9.7% 4 Idaho $ 752 $ 780 3.7% 35 Aaron Merchak is Adjunct Scholar and Kail Padgitt Staff Economist at the Tax Foundation.

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