FRB: Finance and Economics Discussion Series: Data

Figure 1 Panel A: Percentiles of the Distribution of House Price Appreciation Across States

Year	10th Percentile	25th Percentile	50th Percentile	75th Percentile	90th Percentile
2000	3.7	4.3	6.4	9.7	12.6
2001	3.2	4.1	5.6	9.7	12.4
2002	2.9	3.9	5.8	10	12.5
2003	2.7	3.9	6.4	10.7	13.5
2004	4.2	5.6	10.1	12.8	19.1
2005	4.4	6.4	9.8	14.8	20.9
2006	0.2	2.7	5.8	8	13.8
2007	-6.5	-3.2	0.6	2.6	4.5
2008	-15	-10.8	-7.1	-4.1	-1.8
2009	-13.6	-10.8	-5.7	-2.4	-0.9

Return to Figure 1A

Figure 1 Panel B: Percentiles of the Distribution of Home Sales Growth Across States

Year	10th Percentile	25th Percentile	50th Percentile	75th Percentile	90th Percentile
2000	-6.5	-3.8	-0.7	2.9	4.3
2001	-1.1	0.8	5.1	8.7	15.1
2002	-0.7	1.8	5.3	10	13.6
2003	-0.3	1.5	6.8	9	13.6
2004	4.6	9.2	12.6	16.8	24.3
2005	-1.2	3.7	6.2	10	14.3
2006	-22.7	-12.8	-5	1	6.7
2007	-23.1	-15.1	-9.1	-5.1	-3.3
2008	-27.4	-25.4	-19.3	-14.1	-8.2
2009	-10.3	-6.1	0.7	7.3	16

Return to Figure 1B

Figure 2: State and Local Tax Revenues

Calendar Years	Total (% change)	Property (% change)	Sales (% change)	Individual (% change)
1990	5.35	8.53	3.49	4.80
1991	4.55	7.79	0.41	3.86
1992	7.21	5.92	9.08	6.92
1993	4.32	2.52	3.61	4.54
1994	3.73	4.44	3.36	3.20
1995	5.17	2.54	10.91	4.45
1996	7.54	6.07	6.71	11.66
1997	5.46	4.07	4.94	8.27
1998	5.40	2.96	6.85	11.74
1999	4.99	5.26	7.10	6.37
2000	7.71	4.19	8.42	13.51
2001	2.15	5.52	1.34	1.81
2002	0.33	7.85	0.96	-11.30
2003	5.24	7.80	3.70	1.49
2004	8.60	7.44	8.87	10.17
2005	10.18	7.97	8.17	12.71
2006	7.10	6.82	6.50	10.12
2007	5.46	7.15	2.92	7.32
2008	2.49	4.18	0.36	3.85
2009	-5.60	5.45	-7.41	-17.18

Souce: Census Bureau, Quarterlyl Summary of State and Local Tax Revenue

Return to Figure 2

Figure 3: Local Property Taxes

state	Property Tax Fraction of Total Tax - 2000	Property Tax Fraction of Total Tax - 2007
AK	0.8065557	0.7696174
AL	0.3898085	0.3970637
AR	0.4435126	0.4003553
AZ	0.6896569	0.5930996
CA	0.6316796	0.6772971
CO	0.5992069	0.6011545
CT	0.9867947	0.978539
DE	0.7862145	0.7556763
FL	0.7789888	0.7846952
GA	0.6039192	0.6363236
HI	0.7858214	0.7711141
IA	0.8947318	0.8100412
ID	0.9455609	0.9088642
IL	0.8276455	0.8157396
IN	0.8863682	0.8645907
KS	0.7675616	0.7588502
KY	0.5379279	0.547571
LA	0.3925456	0.3884571
MA	0.9687138	0.9661409
MD	0.5737883	0.4972022
ME	0.9793125	0.9877194
MI	0.8942879	0.9221541
MN	0.9423519	0.9233622
MO	0.5897348	0.6164414
MS	0.9199107	0.9233395
MT	0.9556679	0.9511055
NC	0.7522793	0.7448204
ND	0.8805422	0.8471473
NE	0.7754123	0.7770252
NH	0.9821879	0.983943
NJ	0.9833552	0.9789358
NM	0.553798	0.4946468
NV	0.6379568	0.6500093
NY	0.5584002	0.5373883
OH	0.6538457	0.6638597
OK	0.540191	0.5244129
OR	0.8045061	0.7863028
PA	0.7049036	0.7188922
RI	0.9863	0.970993
SC	0.8437326	0.8378243
SD	0.7822703	0.7285506
TN	0.6153784	0.6273668
TX	0.7989984	0.819554
UT	0.6879075	0.6754991
VA	0.7056165	0.729297
VT	0.9620251	0.9448386
WA	0.6154034	0.5776464
WI	0.9381815	0.9356124
WV	0.8356735	0.7741663
WY	0.7604203	0.7616147

Source: Census Bureau, State and Local Government Finance Data.

Return to Figure 3

Figure 4: House Price Appreciation and Property Taxes

Calendar Year	LP House Price (Percent Change)	Property Taxes (Percent Change)
1989	8.13	12.19
1990	2.56	8.53
1991	-1.12	7.79
1992	-0.01	5.92
1993	1.52	2.52
1994	1.97	4.44
1995	1.85	2.54
1996	2.75	6.07
1997	3.64	4.07
1998	7.25	2.96
1999	7.40	5.26
2000	10.07	4.19
2001	9.32	5.52
2002	9.20	6.93
2003	10.02	8.72
2004	15.31	7.44
2005	16.68	7.97
2006	5.49	6.82
2007	-5.14	7.15
2008	-14.39	4.18
2009	-11.84	5.45

Note: 2002Q2 property tax value is an estimate

Source: LoanPerformance; Census Bureau, Quarterly Summary of State and Local Tax Revenue

Return to Figure 4

Figure 5: Distribution of Change in Property Tax Collections

Percent Change in Property Tax Collections	Density
less than -.4	0.001
between -.4 and -.36	0.000
between -.36 and -.32	0.001
between -.32 and -.28	0.000
between -.28 and -.24	0.001
between -.24 and -.20	0.001
between -.2 and -.16	0.003
between -.16 and -.12	0.001
between -.12 and -.08	0.006
between -.08 and -.04	0.014
between -.04 and 0	0.042
between 0 and .04	0.177
between .04 and .08	0.361
between .08 and .12	0.254
between .12 and .16	0.096
between .16 and .2	0.020
between .2 and .24	0.012
between .24 and .28	0.006
between .28 and .32	0.004
between .32 and .36	0.001
between .36 and .4	0.002

Note: The state is the unit of observation. Property tax collections include both state and local government revenue. The data span 1976 to 2007.

Return to Figure 5

Figure 6 Panel A: Change in Property Taxes Following a House Price Decline

	0 Years Since House Price Decline	1 Year Since House Price Decline	2 Years Since House Price Decline	3 Years Since House Price Decline	4 Years Since House Price Decline
75th Percentile	10%	9%	7%	8%	8%
25th Percentile	4%	3%	3%	2%	2%
Mean	7%	6%	5%	5%	5%
Episodes					153 Episodes

Return to Figure 6A

Figure 6 Panel B: Change in Property Taxes Following a Large House Price Decline

	0 Years Since House Price Decline	1 Year Since House Price Decline	2 Years Since House Price Decline	3 Years Since House Price Decline	4 Years Since House Price Decline
75th Percentile	11%	8%	7%	8%	8%
25th Percentile	6%	4%	4%	5%	4%
Mean	9%	7%	6%	7%	6%
Episodes					26 Episodes

Return to Figure 6B

Figure 6 Panel C: Change in Property Taxes Following a House Price Bust and Price Decline

	0 Years Since House Price Decline	1 Year Since House Price Decline	2 Years Since House Price Decline	3 Years Since House Price Decline	4 Years Since House Price Decline
75th Percentile	10%	9%	7%	7%	8%
25th Percentile	4%	4%	4%	3%	3%
Mean	8%	7%	5%	5%	6%
Episodes					62 Episodes

Return to Figure 6C

Figure 6 Panel D: Change in Property Taxes Following a House Price Bust and Large Price Decline

	0	1	2	3	4
75th Percentile	11%	7%	7%	7%	8%
25th Percentile	7%	4%	4%	5%	4%
Mean	10%	6%	5%	6%	5%
Episodes					17 Episodes

Return to Figure 6D

Figure 7 Panel A: Residual Change in Property Taxes Following a House Price Decline

	0 Years Since House Price Decline	1 Year Since House Price Decline	2 Years Since House Price Decline	3 Years Since House Price Decline	4 Years Since House Price Decline
75th Percentile	3%	3%	2%	2%	2%
25th Percentile	-2%	-3%	-3%	-3%	-4%
Mean	1%	0%	-1%	-1%	-1%
Episodes					153 Episodes

Return to Figure 7A

Figure 7 Panel B: Residual Change in Property Taxes Following a Large House Price Decline

	0	1	2	3	4
75th Percentile	5%	2%	2%	3%	2%
25th Percentile	0%	-2%	-3%	-1%	-2%
Mean	3%	1%	-0%	0%	-0%
Episodes					26 Episodes

Return to Figure 7B

Figure 7 Panel C: Residual Change in Property Taxes Following a House Price Bust and House Price Decline

	0	1	2	3	4
75th Percentile	5%	3%	2%	1%	2%
25th Percentile	-1%	-2%	-2%	-3%	-3%
Mean	2%	1%	-0%	-1%	-0%
Episodes					62 Episodes

Return to Figure 7C

Figure 7 Panel D: Residual Change in Property Taxes Following a House Price Bust and a Large House Price Decline

	0	1	2	3	4
75th Percentile	5%	2%	2%	2%	1%
25th Percentile	0%	-1%	-2%	-1%	-2%
Mean	4%	1%	-0%	-0%	-1%
Episodes					17 Episodes

Return to Figure 7D

Figure 8 Panel A: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
Nevada 2000	100	100	100	3.00421343578214
Nevada 2001	109.406280167508	108.400385920952	109.4704288143	3.03386865527005
Nevada 2002	121.433942216661	115.360971490771	117.361151058138	3.05630181760321
Nevada 2003	137.170409141922	125.874323244679	128.875554583827	3.07584313181978
Nevada 2004	173.241596391718	137.183264103133	142.084448327267	3.11154579584551
Nevada 2005	239.867216059105	151.872024612061	157.63468563275	3.11820588243866
Nevada 2006	282.855107875209	186.901103094104	163.184479264627	2.6229968523571
Nevada 2007	290.446892693115	249.486258723953	198.326191368907	2.38816442967793
Nevada 2008	251.538676321575	292.52172934467	222.069387283161	2.28066420380656
Nevada 2009	190.592758317661	312.776870053288	246.953693447476	2.37198359247131
Nevada 2010	159.314247622406	260.731922440111	235.832163912502	2.71731266653108

Return to Figure 8A

Figure 8 Panel B: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
Florida 2000	100.00	100	100	2.891
Florida 2001	112.44	110	109.356123768111	2.991
Florida 2002	127.95	121	116.18959644447	3.0838
Florida 2003	147.68	135	133.103345678221	3.2864
Florida 2004	178.63	152	146.950795970068	3.1402
Florida 2005	232.89	180	168.014930181615	3.1602
Florida 2006	275.05	224	199.046415454904	3.2103
Florida 2007	263.31	249	202.827925213525	3.4682
Florida 2008	219.19	235	197.798974947349	3.6231
Florida 2009	183.35	208	183.992462583807	2.95390

Return to Figure 8B

Figure 8 Panel C: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
Arizona 2000
Arizona 2001	100.00	100.00	100.00	120.73
Arizona 2002	105.60	106.76	106.41	120.32
Arizona 2003	111.74	118.47	114.44	116.62
Arizona 2004	121.76	128.97	121.10	113.36
Arizona 2005	149.11	141.94	130.43	110.94
Arizona 2006	195.67	157.79	137.07	104.88
Arizona 2007	200.52	208.38	151.37	87.70
Arizona 2008	179.19	249.73	163.09	78.85
Arizona 2009	146.69	250.93	173.96	83.69

Return to Figure 8C

Figure 8 Panel D: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
California 2000	100	100	100	11
California 2001	115.122481232714	107.948828237012	108.200087374399	11
California 2002	126.01738443303	117.930040554581	118.66754041066	11
California 2003	144.310549190043	126.564833331471	128.22629969419	11
California 2004	170.999604899249	135.934654615737	138.977719528178	11
California 2005	210.766495456341	146.897192833495	150.812581913499	11
California 2006	242.740023706045	163.113811646501	167.501092179991	11
California 2007	240.715132358751	183.080705106004	188.536478811708	11
California 2008	212.495061240616	200.736471565243	206.251638269987	11
California 2009	171.700908731727	210.245710859616	217.737003058104	11

Return to Figure 8D

Figure 8 Panel E: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
New York 2000	100.00	100.00	100.00	43.63
New York 2001	113.30	106.76	104.29	42.63
New York 2002	126.49	115.62	111.09	41.93
New York 2003	144.69	130.64	118.93	39.72
New York 2004	162.72	145.17	134.44	40.41
New York 2005	185.70	158.09	142.48	39.33
New York 2006	210.06	175.21	148.12	36.89
New York 2007	218.72	197.36	155.53	34.39
New York 2008	217.20	215.18	163.48	33.15
New York 2009	202.19	216.68	173.44	34.93

Return to Figure 8E

Figure 8 Panel F: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
Minnesota 2000	100.00	100.00	100.00	19.39
Minnesota 2001	115.15	109.68	107.62	19.03
Minnesota 2002	129.88	121.10	98.01	15.69
Minnesota 2003	144.07	134.76	107.16	15.42
Minnesota 2004	158.89	150.71	114.16	14.69
Minnesota 2005	173.83	170.67	121.31	13.78
Minnesota 2006	184.99	192.40	133.01	13.41
Minnesota 2007	185.66	214.96	144.52	13.04
Minnesota 2008	176.63	232.73	155.72	12.97
Minnesota 2009	161.68	240.92	164.85	13.27

Return to Figure 8F

Figure 8 Panel G: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
Georgia 2000	100	100	100	32.2151301937407
Georgia 2001	110.344827586207	106.55737704918	106.153846153846	32.0545965314685
Georgia 2002	119.157088122605	116.939890710383	109.230769230769	32.6776551274427
Georgia 2003	126.819923371648	127.570789865872	113.846153846154	31.4522922001558
Georgia 2004	134.865900383142	135.469448584203	129.230769230769	30.2030318445178
Georgia 2005	145.977011494253	143.765524093393	135.384615384615	30.5966946924672
Georgia 2006	159.386973180077	154.148037754595	149.230769230769	31.2308937125363
Georgia 2007	168.199233716475	168.604073522106	161.538461538462	30.8528554065999
Georgia 2008	163.984674329502	185.444610034774	169.230769230769	29.4669166889901
Georgia 2009	144.061302681992	190.660705414804	172.307692307692	29.1439624879058

Return to Figure 8G

Figure 8 Panel H: Property Tax Case Studies

Year	Market Value	Assessed Value	Property Tax Collections	Tax Rate
Colorado 2000	100.00	100.00	100.00	75.62
Colorado 2001	115.73	120.62	111.61	69.97
Colorado 2002	127.16	124.22	118.63	72.22
Colorado 2003	133.88	127.06	124.63	74.18
Colorado 2004	138.98	132.56	131.23	74.86
Colorado 2005	147.84	144.85	143.70	75.02
Colorado 2006	157.47	152.90	148.45	73.42
Colorado 2007	165.38	174.63	168.14	72.81
Colorado 2008	167.36	179.56	172.54	72.66
Colorado 2009	160.41	200.55	184.83	69.69

Return to Figure 8H

Figure 9 Panel A: State Real Estate Transfer Taxes

Calendar Year	Transfer Taxes (% of Total State Taxes)
1994	0.66%
1995	0.59%
1996	0.62%
1997	0.57%
1998	0.78%
1999	0.76%
2000	0.73%
2001	0.85%
2002	1.04%
2003	1.31%
2004	1.47%
2005	1.76%
2006	1.53%
2007	1.28%
2008	0.82%
2009	0.65%

Source: Census Bureau, Quarterly Summary of State and Local Tax Revenue

Return to Figure 9A

Figure 9 Panel B: State & Local Real Estate Transfer Taxes

state	Transfer Taxes as Fraction of Total State & Local Taxes, FY 2000	Transfer Taxes as Fraction of Total State & Local Taxes, FY 2005
AL	0.0028133	0.0045132
AR	0.0028284	0.0048305
CA	0	0.0075852
CT	0.0072947	0.0118245
DC	0.0326759	0.0676298
DE	0.0185238	0.0697705
FL	0.0343271	0.0680791
HI	0.0023045	0.0044021
IA	0.001201	0.0018134
IL	0.0014322	0.0029138
KY	0.0003278	0.0002646
MA	0.0052978	0.0094381
MD	0.0064531	0.0100657
ME	0.0045498	0.0064849
MI	0.0081684	0.0089953
MN	0.0077807	0.0137771
NC	0.0016043	0.0021847
NE	0.001444	0.0018457
NH	0.0259305	0.0382051
NJ	0.0035457	0.011822
NV	0.0005581	0.0179333
NY	0.0050423	0.0300039
OK	0.0010959	0.0016489
PA	0.0087919	0.0168555
RI	0.000635	0.0035472
SC	0.0038674	0.0083395
SD	8.18e-05	0.0002572
TN	0.009648	0.0117921
VA	0.0069065	0.0236638
VT	0.0111066	0.0089158
WA	0.0231565	0.0459359
WI	0.0024421	0.0036079
WV	0.0014919	0.0028405

Source: Census Bureau, State and Local Government Finance Data

Return to Figure 9B

Figure 10: State Real Estate Transfer Taxes

Calendar Year	Transfer Taxes ($)	Real Estate Trasaction (#)	House Prices ($)
1994	62.0177338903759	74.6831198719687	72.7238595832551
1995	57.7396140282599	73.3364432965306	74.066078468181
1996	65.9710749545285	79.9799394647918	76.1028721606908
1997	64.3232041730539	84.2145290410509	78.8717852449784
1998	93.3537375995806	96.4291297208539	84.5879481884738
1999	96.0537328340071	99.3431855500821	90.8485076027783
2000	100	100	100
2001	117.89810409601	102.463054187192	109.320443026093
2002	139.938360285299	109.031198686371	119.382391590013
2003	184.023067361381	119.704433497537	131.349727801765
2004	224.475588349761	130.541871921182	151.454852637507
2005	299.202089108282	137.110016420361	176.722357799887
2006	278.259006933909	123.809523809524	186.418246667918
2007	242.294737814031	104.269293924466	176.834991552469
2008	157.993976513665	87.5205254515599	151.389149615168
2009	111.873773857652	93.1034482758621	133.461610662662

Source: Census Bureau, Quarterlyl Summary of State and Local Tax Revenue, National Association of Realtors, Loan Performance

Return to Figure 10

Figure 11: State Sales Tax Revenues from Materials Inputs to Residential Construction

Year	Single-Family (Billions of real (2005) Dollars)	Mulitfamily (Billions of real (2005) Dollars)	Improvements (Billions of real (2005) Dollars)
1995	3.5	0.8	1.7
1996	3.9	0.9	1.8
1997	3.9	0.9	1.8
1998	4.5	1.1	1.9
1999	4.9	1.1	2
2000	4.7	1	2.1
2001	5	1.1	2.2
2002	5.6	1.1	2.3
2003	6.3	1.2	2.4
2004	7	1.3	2.7
2005	8.2	1.5	3
2006	4	1.6	3.2
2007	5.3	1.5	3
2008	3.1	1.1	2.5
2009	2.4	0.5	2.5

Return to Figure 11

Figure 12: Houseing Wealth Effect on Sales Taxes

Years	Effect on Sales Taxes
2000	0.902
2001	1.01
2002	1.151
2003	1.334
2004	1.881
2005	2.497
2006	1.731
2007	-0.427
2008	-2.949
2009	-3.108

Return to Figure 12

Figure 13: State Income Tax Revenues from the Construction and Real Estate Industries

Year	Construction (Billionf os real (2005) Dollars)	Real Estate (Billionf os real (2005) Dollars)
2000	18.4	9.3
2001	19.5	9.8
2002	19.2	10.1
2003	19.4	10.6
2004	20.4	11.6
2005	21.8	12.9
2006	23.2	14
2007	24.2	15.4
2008	24.3	17.2
2009	21	16.9

Return to Figure 13

The Housing Crisis and State and Local Government Tax Revenue: Five Channels