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Saturday, November 23, 2024

Michigan sees more property tax revenue in Q3 2023

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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 $802 million in property taxes during the third quarter of 2023, a 568.3% increase over the second quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the second quarter of 2023 was $120 million.

Overall, Michigan collected $10.4 billion in combined tax revenues in the the third quarter of 2023, an increase from the $9.8 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.

Q3 2023 Michigan Tax Collections
Type of TaxAmount (millions)
Property Taxes$802
Sales and Gross Receipts Taxes$5,112
Income Taxes$3,796
License Taxes$557
Other Taxes$116
Source: U.S. Census Bureau

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