Property taxes paid by Americans in 2016 hits record high

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The U.S. Census Bureau reports Americans paid a record $540,701,000,000 in property taxes to state and local governments in fiscal 2016.

According to CNS News, that’s up $16,748,620,000 (3.2 percent) from property taxes collected in fiscal 2015, which was $523,952,380,000.

Before 2016, the national record for property taxes was  $527,850,500,000 in constant 2016 dollars, in fiscal 2009, CNS News reports.  That makes 2016’s record  $12,850,000,000 (2.4 percent) more than the 2009 record.

U.S. Census Bureau

U.S. Census Bureau

Property taxes are defined as “taxes imposed on ownership of property and measured by its value,” according to the Census Bureau.

“Property,” says the Census Bureau, “refers to real property (e.g., land and structures) as well as personal property; personal property can be either tangible (e.g., automobiles and boats) or intangible (e.g., bank accounts and stocks and bonds).”

This means out of the 323,127,513 men, women and children the Census Bureau estimate were residing in the United States as of July 1, 2016, each person paid $1,673 in property taxes.

H/T: CNS News

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