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Friday, November 22, 2024

Property tax revenue down 10.5% from previous quarter in Illinois

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David Harris Commissioner of Revenue at Illinois Department of Revenue | Illinois Department of Revenue

David Harris Commissioner of Revenue at Illinois Department of Revenue | Illinois Department of Revenue

Illinois collected $17 million in property taxes during the first quarter, a 10.5% 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 $19 million.

Overall, Illinois collected $15.3 billion in combined tax revenues in the first quarter, an increase from the $14.6 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 Illinois Tax Collections
Type of TaxAmount (millions)
Property Taxes$17
Sales and Gross Receipts Taxes$6,512
Income Taxes$7,508
License Taxes$1,023
Other Taxes$169
Source: U.S. Census Bureau

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