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Tuesday, November 5, 2024

Property tax revenue down 73.3% from previous quarter in Arkansas

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Andy Babbitt Arkansas Comptroller at Department of Finance & Administration | Arkansas Department of Finance & Administration

Andy Babbitt Arkansas Comptroller at Department of Finance & Administration | Arkansas Department of Finance & Administration

Arkansas collected $181 million in property taxes during the first quarter, a 73.3% 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 $678 million.

Overall, Arkansas collected $2.7 billion in combined tax revenues in the first quarter, a decrease from the $3.3 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 Arkansas Tax Collections
Type of TaxAmount (millions)
Property Taxes$181
Sales and Gross Receipts Taxes$1,659
Income Taxes$686
License Taxes$100
Other Taxes$48
Source: U.S. Census Bureau

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