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Minnesota State Wire

Friday, November 15, 2024

Property tax revenue down 96.5% 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 $11 million in property taxes during the first quarter, a 96.5% decrease from the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the fourth quarter of 2023 was $314 million.

Overall, Minnesota collected $8.2 billion in combined tax revenues in the first quarter, a decrease from the $8.5 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 Minnesota Tax Collections
Type of TaxAmount (millions)
Property Taxes$11
Sales and Gross Receipts Taxes$3,189
Income Taxes$4,386
License Taxes$510
Other Taxes$126
Source: U.S. Census Bureau

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