WASHINGTON - Rhode Island drew more than half its revenue from property taxes, one of the highest rates in the nation, according to new figures released by the U.S. Census Bureau.
The agency’s report on the 2011 Annual Surveys of State and Local Government Finances found 56.1 percent of Rhode Island revenues came from property taxes.
Only Connecticut, at 58.3 percent, and New Jersey, at 56.5 percent, were higher. Massachusetts governments gathered 46.3 percent of their revenues from property taxes.
The figures are part of a report that shows state and local government revenue nationwide hit an all-time high of $3.4 trillion in 2011, up 8.4 percent from the previous year. Expenditure increased as well, up 1.5 percent to $3.2 trillion.
Rhode Island’s state and local governments gathered $12.7 million in 2011, up from $11.7 million in 2010. Massachusetts governments took in $82 million, compared to $75.9 million the year before.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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