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Minnesota State Wire

Monday, November 4, 2024

Minnesota's Q4 2023 property tax revenue up 1,156% from previous quarter

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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 $314 million in property taxes during the fourth quarter of 2023, a 1,156% increase over the third quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the third quarter of 2023 was $25 million.

Overall, Minnesota collected approximately $8.5 billion in combined tax revenues in the fourth quarter of 2023, which is nearly identical to the amount 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.

Q4 2023 Minnesota Tax Collections
Type of TaxAmount (millions)
Property Taxes$314
Sales and Gross Receipts Taxes$3,415
Income Taxes$4,261
License Taxes$343
Other Taxes$120
Source: U.S. Census Bureau

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