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Calibrate real estate taxes #29

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MaxGhenis opened this issue Sep 8, 2024 · 0 comments
Closed

Calibrate real estate taxes #29

MaxGhenis opened this issue Sep 8, 2024 · 0 comments
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@MaxGhenis
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MaxGhenis commented Sep 8, 2024

Currently real_estate_taxes sums to $164 billion in the ECPS for 2024.

Census reported that state and local governments collected $630 billion in property taxes in 2021, though this includes commercial: https://www2.census.gov/programs-surveys/gov-finances/tables/2021/2021alfinsummarybrief.pdf

Attom estimated that in 2023, state and local governments collected $363 billion in taxes on single family homes, but does not include condos. https://www.attomdata.com/news/most-recent/property-taxes-on-single-family-homes-up-7-percent-across-u-s-in-2023-to-363-billion/

So the correct number for real estate taxes paid by individuals will be somewhere in between these. We can also look to the ACS and SCF, and IRS publications, for other estimates, though we also need to consider non-filers.

This is creating discrepancies between our SALT impacts and other sources like JCT.

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