NASHVILLE – Tennessee’s financial performance for September indicates a positive trend, with revenues surpassing budget estimates. Finance and Administration Commissioner Jim Bryson announced that the state’s total tax revenues for September amounted to $2.2 billion, which is $101.2 million above the budgeted estimate and $18.9 million more than the same period last year. The tax growth rate for September was recorded at 0.87 percent.
The general fund revenues exceeded the September estimate by $95.3 million, while the other state tax revenue funds surpassed estimates by $5.9 million. On an accrual basis, September represents the second month of the 2024-2025 fiscal year.
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“Sales tax receipts indicate strong consumer activity, and corporate tax revenues have exceeded expectations,” said Bryson. Adjustments for last year’s forgone revenue show sales tax receipts increased by 3.4 percent, surpassing the monthly estimate. While corporate tax revenues exceeded the budgeted estimates, they fell short compared to last year’s collections. This was anticipated due to tax cuts from the 2023 Tennessee Works Tax Act and changes in levied franchise taxes.
On a year-to-date basis from August through September, total tax revenues are 2.81 percent above the budget estimate, amounting to $102.6 million more than expected. Compared to last year, total tax revenues have risen by 1.50 percent or $55.2 million. General fund revenues have increased by 2.97 percent above the year-to-date estimates, with an increase of 1.60 percent compared to the same period last year.
The individual tax performances for September 2024 Budgeted Estimates are as follows:
– Sales Taxes: 3.70% above estimate, or $43.8 million
– Corporate Taxes (Franchise & Excise): 7.35% above estimate, or $47 million
– Fuel Taxes: 0.17% below estimate, or $0.2 million
– All other taxes: 6.62% above estimate, or $10.6 million
Year-to-date performance compared to Budgeted Estimates includes:
– Sales Taxes: 1.96% above estimate, or $47.1 million
– Corporate Taxes (Franchise & Excise): 3.95% above estimate, or $27.6 million
– Fuel Taxes: 0.88% above estimate, or $1.9 million
– All other taxes: 8.10% above estimate, or $25.9 million
When compared to September 2023:
– Sales Taxes: Increased by 8.22% or $93.3 million
– Corporate Taxes (Franchise & Excise): Decreased by 9.23% or $69.8 million
– Fuel Taxes: Decreased by 4.26% or $5 million
– All other taxes: Increased by 0.19% or $0.3 million
Comparing August through September 2023:
– Sales Taxes: Increased by 5.65% or $131.1 million
– Corporate Taxes (Franchise & Excise): Decreased by 10.09% or $81.6 million
– Fuel Taxes: Decreased by 1.52% or $3.4 million
– All other taxes: Increased by 2.72% or $9.1 million
The revenue estimates for the 2024-2025 fiscal year were established by the State Funding Board’s consensus recommendation in November 2023 and adopted by the General Assembly in April 2024. Any revenue changes enacted during the 2024 session are included in these estimates. Monthly estimates can be accessed on the state’s website at here.
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Murfreesboro 2024 Property Tax Payment Instructions
Murfreesboro City Treasurer Erin Tucker has announced that property taxes for 2024 are due by December 31 to avoid interest charges. Payments can be made via cash, check, or credit card, with online options available through the city’s website. Partial payments and tax relief programs for eligible senior citizens and veterans are also offered. For more information, residents can contact the relevant city departments or visit the city’s website.