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Tuesday, November 5, 2024

Property tax revenue down 59.8% from previous quarter in Kentucky

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Thomas B. Miller Commissioner of Revenue at Kentucky Department of Revenue | Kentucky Department of Revenue

Thomas B. Miller Commissioner of Revenue at Kentucky Department of Revenue | Kentucky Department of Revenue

Kentucky collected $180 million in property taxes during the first quarter of 2023, a 59.8% decrease from the fourth quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Property tax revenue for the fourth quarter of 2022 was $448 million.

Overall, Kentucky collected $3.9 billion in combined tax revenues in the the first quarter of 2023, a decrease from the $4.2 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 2023 Kentucky Tax Collections
Type of TaxAmount (millions)
Property Taxes$180
Sales and Gross Receipts Taxes$1,986
Income Taxes$1,444
License Taxes$230
Other Taxes$55
Source: U.S. Census Bureau

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