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Saturday, November 23, 2024

Property tax revenue down 20% from previous quarter in South Carolina

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W. Hartley Powell, Director of Department of Revenue at South Carolina Department of Revenue | South Carolina Department of Revenue

W. Hartley Powell, Director of Department of Revenue at South Carolina Department of Revenue | South Carolina Department of Revenue

South Carolina collected $20 million in property taxes during the first quarter, a 20% 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 $25 million.

Overall, South Carolina collected $4.1 billion in combined tax revenues in the first quarter, 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 South Carolina Tax Collections
Type of TaxAmount (millions)
Property Taxes$20
Sales and Gross Receipts Taxes$2,605
Income Taxes$1,286
License Taxes$176
Other Taxes$36
Source: U.S. Census Bureau

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