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Thursday, November 21, 2024

Virginia collected $2 million in property tax revenue in Q1

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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 $2 million in property taxes during the first quarter, after no property tax was collected in the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Overall, Virginia collected $8.7 billion in combined tax revenues in the first quarter, a decrease from the $8.9 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 Virginia Tax Collections
Type of TaxAmount (millions)
Property Taxes$2
Sales and Gross Receipts Taxes$3,375
Income Taxes$4,725
License Taxes$311
Other Taxes$272
Source: U.S. Census Bureau

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