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Wednesday, November 20, 2024

Rhode Island's property tax revenues up 50% in Q2 compared to same quarter of the previous year

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Rhode Island Division of Taxation - Thomas Verdi Director of Department of Revenue | Rhode Island Division of Taxation

Rhode Island Division of Taxation - Thomas Verdi Director of Department of Revenue | Rhode Island Division of Taxation

Rhode Island collected $3 million in property taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 50% increase over the same quarter the previous year, when property tax revenues were $2 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, Rhode Island collected $1.7 billion in combined tax revenues in Q2.

Q2 Rhode Island Tax Collections

Type of TaxAmount (millions)
Income Taxes$662
License Taxes$33
Other Taxes$24
Property Taxes$3
Sales and Gross Receipts Taxes$986

Source: U.S. Census Bureau

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