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Posted on: December 26, 2018

Sales taxes roll in during 2018

economy

By Richard Greene | Published Saturday, December 15, 2018

Sales Tax Roll In
2018 will be remembered as an economic boom for Wise County.

A big year came to a close with more large sales tax disbursements for most cities in Wise County. Eight Wise County cities saw double-digit growth in collections from last year’s December disbursement, according to a report from the Texas Comptroller. The December disbursement is based on October sales.

For the past 12 months, nine cities had more than a 10 percent increase in collections from the previous year.

Wise County had a 10.24 percent growth in sales tax revenue off its half-cent rate, bringing in $4.131 milllion over the past 12 months – a $383,866 increase.

“It’s been an exceptional sales tax year,” said J.D. Clark, Wise County judge. “It’s picked up everywhere. It’s a good sign of what’s happening with the local economy. Growth is increasing businesses and local businesses are doing better. More folks are spending money locally.”

Clark pointed out the county ended the fiscal year in September with more revenue than expected and is off to a solid start for 2018-19. The county brought in $331,100 on October sales – 5.77 percent or $18,089 more than October 2017.

“Sales taxes fund the big ticket expenses – buying our fleet for the sheriff’s office, buying an ambulance and the DuraPatch machine,” Clark said.

“Sales tax is also something that everyone pays. Even people passing through that spend money contribute to the services.”

Decatur wrapped up a record year in sales taxes, collecting $4.547 million in the past 12 months off its 1.5-cent rate – 13.15 percent or $528,856 more than last year.

“The $4.5 million is probably the largest year we’ve ever had. We have more retail than we’ve ever had,” said Decatur City Manager Brett Shannon. “It’s another sign of the robust economy. It’s nice to see it all over the county.”

Decatur collected $347,168 off October sales – 6.94 percent or $22,542 more than the same month in 2017.

Bridgeport topped $2.132 million for the year – a 12.23 percent or $232,387 increase. Bridgeport’s collections were $151,665 off October sales, an increase of $15,075.

Rhome had one of the largest increases of the year bringing in $104,504 more in 2018 than 2017 with a total of $626,932.

Rhome joined Aurora, Chico, New Fairview and Paradise with more than 20 percent growth for the year.

View original article at Wise County Messenger.

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