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Wednesday, January 8, 2025

Lower property tax revenue in Virginia during Q3 2024

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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 $4 million in property taxes during the third quarter of 2024, a 90.9% decrease from the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the second quarter of 2024 was $44 million.

Overall, Virginia collected $9.2 billion in combined tax revenues in the third quarter of 2024, a decrease from the $11.4 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.

Q3 2024 Virginia Tax Collections
Type of TaxAmount (millions)
Property Taxes$4
Sales and Gross Receipts Taxes$3,675
Income Taxes$5,042
License Taxes$273
Other Taxes$162
Source: U.S. Census Bureau

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