Residential and commercial real estate are often a source of local tax revenue, while personal property taxes are often a source of state tax revenue. This category includes both commercial and residential real estate in addition to personal property tax revenues obtained from taxes on cars, boats, etc. Property taxes were the most prominent source of state and local tax revenues in fiscal year 2010.
Table 2 demonstrates how different sources of state and local tax revenues within the U.S. Table 1, at the end of this Fiscal Fact, outlines the proportions of state and local tax revenues derived from various types of taxes for all fifty states and the District of Columbia. In 2010, the states received just under half of their tax revenues from sales and gross receipts taxes. The main source of revenue for state governments, however, was taxes on sales and gross receipts. Local government tax revenues tend to be mainly funded by property taxes-in 2010, local government obtained just over 75 percent of their 2010 tax revenues from property taxes. state and local tax revenues in fiscal year 2010-35 percent came from property taxes and 34 percent came from sales and gross receipts taxes. Figure 1 provides a breakdown of sources for total U.S. Another large source of revenue is individual income taxes. State and local governments tend to obtain the largest portion of tax revenues from property taxes and sales and gross receipts taxes. Here, we provide an overview of where state and local governments together obtain their tax revenues (a subcategory of overall revenues). Other types of taxes that a state government may rely heavily upon are personal income taxes, corporate income taxes, property taxes, or sales and gross receipts taxes. States such as Alaska and Wyoming can do so without driving much economic activity out of the state due to the fact that resources such as natural gas and coal are relatively immobile. Instead, the state may be able to export the economic burden of those taxes to nonresident consumers of minerals and mineral-based products in the form of higher prices. Proportions vary based on the types of taxes and fees administered within state borders, the types of resources within the state, the amount of intergovernmental transfers, and the policy priorities of state and local governments.įor example, when a state has an abundance of natural resources, a state is able to collect large revenues from taxes on those resources that not often financed by state residents themselves. State and local governments obtain income from a variety of sources, and the breakdown changes drastically from state to state. In September, the Census Bureau released its most recent Annual Surveys of State and Local Government Finance data, which provides a comprehensive picture of the funding sources of state and local governments for the 2010 fiscal year. 354: The Sources of State and Local Tax Revenues
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