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Tuesday, October 15, 2024

Higher property tax revenue in Michigan during Q2

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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 $139 million in property taxes during the second quarter, a 65.5% increase over the first quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the first quarter was $84 million.

Overall, Michigan collected $9.9 billion in combined tax revenues in the second quarter, an increase from the $7.5 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.

Q2 Michigan Tax Collections
Type of TaxAmount (millions)
Property Taxes$139
Sales and Gross Receipts Taxes$4,951
Income Taxes$4,100
License Taxes$573
Other Taxes$99
Source: U.S. Census Bureau

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