Property tax revenue collected by state and local governments rose for the ninth consecutive quarter according to the Census Bureau’s quarterly summary of state and local tax revenue. Total tax revenue for state and local governments increased 2.1% over the quarter, with individual income tax revenue up 1.4%, sales tax revenue up 2.5%, and corporate income tax revenue up 8.3%. Property tax revenue rose the least amount over the quarter, up 1.0%. For 2025, state and local tax collections totaled $2.2 trillion, with property taxes accounting for $826.8 billion (37.5%).

Property tax revenue collected was $210.7 billion in the fourth quarter, an increase from a revised $208.5 billion estimate in the third quarter. These collections were 4.8% from one year ago. The share of property tax revenue as a share of total revenue was 37.3% in the fourth quarter. This share has been relatively stagnant at 37% over the past three years.  

Property taxes typically make up the largest share of the total tax revenue for state and local governments, with most property tax collected by local governments. The second highest revenue generator was sales tax at 27.6%, totaling $155.7 billion, followed closely by individual income tax at 27.0% ($152.5 billion). Corporate income tax rounded out the remaining 8.4% at $45.8 billion.