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Thursday, November 14, 2024

Maine's property tax revenues down 87.5% in Q1 compared to same quarter of the previous year

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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 of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents an 87.5% decrease from the same quarter the previous year, when property tax revenues were $8 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, Maine collected $1.2 billion in combined tax revenues in Q1.

Q1 Maine Tax Collections

Type of TaxAmount (millions)
Income Taxes$450
License Taxes$89
Other Taxes$14
Property Taxes$1
Sales and Gross Receipts Taxes$676

Source: U.S. Census Bureau

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