Property tax revenue up, but growth cut nearly in half

State and local governments saw property tax revenue grow in the first quarter, but the latest increase reflected a slowdown from the reported pace a year earlier.

The amount of property tax collected between January and March came in at $203.4 billion to start the year. The total surged 5.2% on an annual basis from first-quarter 2024 numbers of $193.3 billion. 

Quarter over quarter, revenue increased by a seasonally adjusted 1.1% from $202.1 billion.The pace of growth, though, was cut almost in half from the 2.1% rate in the same three months in 2024.  

“While this does show growth over the quarter, growth has notably slowed over the past year,” wrote researchers at the National Association of Home Builders in its analysis of U.S. Census Bureau data.

For calendar year 2024, property…