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Tuesday, October 15, 2024

Property tax revenue up 2,100% from previous quarter in Virginia

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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 $44 million in property taxes during the second quarter, a 2,100% 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 $2 million.

Overall, Virginia collected $11.4 billion in combined tax revenues in the second quarter, an increase from the $8.7 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 Virginia Tax Collections
Type of TaxAmount (millions)
Property Taxes$44
Sales and Gross Receipts Taxes$3,808
Income Taxes$7,005
License Taxes$315
Other Taxes$166
Source: U.S. Census Bureau

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