The individual income tax is one of the most significant sources of revenue for state and local governments, accounting for 23.5 percent of state and local tax collections in fiscal year (FY) 2015 (the most recent data available). Other significant sources of state and local revenue include property taxes, which accounted for 31.1 percent of state and local tax collections, as well as general sales taxes, which matched the individual income tax at 23.5 percent of state and local tax collections.