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Sunday, December 22, 2024

Illinois' property tax revenues up 6.3% in Q1 compared to same quarter of the previous year

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David Harris Director the Illinois Department of Revenue | Official Website

David Harris Director the Illinois Department of Revenue | Official Website

Illinois collected $17 million in property taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 6.3% increase over the same quarter the previous year, when property tax revenues were $16 million.

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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, Illinois collected $15.3 billion in combined tax revenues in Q1.

Q1 Illinois Tax Collections

Type of TaxAmount (millions)
Income Taxes$7,508
License Taxes$1,023
Other Taxes$169
Property Taxes$17
Sales and Gross Receipts Taxes$6,512

Source: U.S. Census Bureau

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