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Sunday, December 22, 2024

Property tax revenue down 94.9% from previous quarter in Michigan

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Rachael Eubanks State Treasurer at Michigan Department of Treasury | Michigan Department of Treasury

Rachael Eubanks State Treasurer at Michigan Department of Treasury | Michigan Department of Treasury

Michigan collected $77 million in property taxes during the first quarter of 2023, a 94.9% decrease from the fourth quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the fourth quarter of 2022 was $1.5 billion.

Overall, Michigan collected $7.8 billion in combined tax revenues in the the first quarter of 2023, a decrease from the $10.3 billion collected in the previous quarter.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q1 2023 Michigan Tax Collections
Type of TaxAmount (millions)
Property Taxes$77
Sales and Gross Receipts Taxes$4,201
Income Taxes$2,801
License Taxes$652
Other Taxes$88
Source: U.S. Census Bureau

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