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Minnesota State Wire

Tuesday, November 5, 2024

Property tax revenue down 96.2% from previous quarter in Minnesota

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Paul Marquart Commissioner of Revenue at Minnesota Department of Revenue | Minnesota Department of Revenue

Paul Marquart Commissioner of Revenue at Minnesota Department of Revenue | Minnesota Department of Revenue

Minnesota collected $13 million in property taxes during the first quarter of 2023, a 96.2% decrease from the fourth quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the fourth quarter of 2022 was $338 million.

Overall, Minnesota collected $8 billion in combined tax revenues in the the first quarter of 2023, a decrease from the $8.2 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 2023 Minnesota Tax Collections
Type of TaxAmount (millions)
Property Taxes$13
Sales and Gross Receipts Taxes$3,054
Income Taxes$4,420
License Taxes$420
Other Taxes$135
Source: U.S. Census Bureau

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