State Tax Collections: T01 Property Taxes for Illinois
This dataset tracks state tax collections: t01 property taxes for illinois over time.
Latest Value
18.00
Year-over-Year Change
12.50%
Date Range
1/1/1994 - 1/1/2025
Summary
This trend measures property tax collections in the state of Illinois. It is an important economic indicator that provides insights into state and local government revenue sources and fiscal policy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The State Tax Collections: T01 Property Taxes for Illinois series tracks the quarterly collections of property taxes by the state government of Illinois. Property taxes are a major revenue source for state and local governments, making this metric crucial for understanding public finance and economic conditions.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state and local government tax authorities.
Historical Context
Policymakers and analysts use this data to assess the health of state and local government budgets, as well as broader economic and real estate market trends.
Key Facts
- Illinois property tax collections total over $30 billion annually.
- Property taxes account for over 70% of state and local tax revenue in Illinois.
- Illinois has some of the highest property tax rates in the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the quarterly collections of property taxes by the state government of Illinois. Property taxes are a major revenue source for state and local governments.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding public finance and economic conditions, as property taxes are a key revenue source for state and local governments.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through surveys of state and local government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the health of state and local government budgets, as well as broader economic and real estate market trends.
Q: Are there update delays or limitations?
A: The data is reported quarterly, with a typical 3-month delay between the end of the quarter and the release of the data.
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Citation
U.S. Federal Reserve, State Tax Collections: T01 Property Taxes for Illinois (QTAXT01QTAXCAT3ILNO), retrieved from FRED.