State Tax Revenues on the Rise, Most Counties See Decline

As reported by the Baltimore Business Journal, State tax revenues were up 7% for the month of April and 5% for the fiscal year to date.

Growth in individual income tax collection led the way. The state has received $5.1 billion in income tax receipts so far this fiscal year, compared with $4.9 billion at this point in fiscal 2010.

Sales tax receipts have also grown slightly, to $2.7 billion so far this fiscal year from $2.6 billion a year ago.

Counties are not experiencing the same up swing.  As previously reported on Conduit Street, most counties are seeing an actual decline in the property tax base.

The continuing decline in property values reinforces the widely-held belief that local government revenues will remain in major stress in coming years, even as the State government’s main revenue sources (income and sales taxes, both very much affected by immediate changes in the overall economy) seem to be reflecting overall modest growth trends.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.