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Friday, September 20, 2024

Property tax revenue down 50% from previous quarter in Maine

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Kirsten Figueroa Commissioner of Revenue at Maine Revenue Services | Maine Revenue Service

Kirsten Figueroa Commissioner of Revenue at Maine Revenue Services | Maine Revenue Service

Maine collected $1 million in property taxes during the first quarter, a 50% 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 $2 million.

Overall, Maine collected $1.2 billion in combined tax revenues in the first quarter, a decrease from the $1.6 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 Maine Tax Collections
Type of TaxAmount (millions)
Property Taxes$1
Sales and Gross Receipts Taxes$676
Income Taxes$450
License Taxes$89
Other Taxes$14
Source: U.S. Census Bureau

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