According the most recent data from the Census Bureau, state and local government tax collections reached a nominal high from the second quarter of 2012 to the first quarter of 2013. During this year, approximately $478 billion of taxes were collected from property owners. This number may be surprising to some, as analysts predicted large declines in property taxes because of the recent recession and huge declines in property value. Tax collection never fell more than 2.26%, however, as property value assessments take time to complete. In addition, the government can adjust tax rates so that the overall taxes paid remains the same even as property values fall.
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