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Tuesday, November 26, 2024

Higher property tax revenue in Virginia during Q2 2022

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Craig M. Burns Tax Commissioner at Virginia Department of Taxation | Virginia Department of Taxation

Craig M. Burns Tax Commissioner at Virginia Department of Taxation | Virginia Department of Taxation

Virginia collected $46 million in property taxes during the second quarter of 2022, a 1,050% increase over the first quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the first quarter of 2022 was $4 million.

Overall, Virginia collected $12.5 billion in combined tax revenues in the the second quarter of 2022, an increase from the $8.4 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 2022 Virginia Tax Collections
Type of TaxAmount (millions)
Property Taxes$46
Sales and Gross Receipts Taxes$3,739
Income Taxes$8,145
License Taxes$318
Other Taxes$282
Source: U.S. Census Bureau

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