Positive sales tax trend continues in area cities

Young County and the cities within will be receiving higher sales tax allocations from October with higher year-to-date payments overall.

Since the beginning of 2018, the city of Graham has seen increases which exceeded their year-to date budget, starting with 0.49% increase in January 2018 and continuing with a 14.58% increase in October 2019.

Texas Comptroller Glenn Hegar will send cities, counties, transit systems and special purpose taxing districts $820.5 million in local sales tax allocations in December, 7.8% more than in December 2018.

These allocations are based on sales made in October by businesses which report taxes monthly. It should be noted, sales taxes do not make up the bulk of city or county revenues.

Graham’s rebate this month from their 1.5% rate is $214,778.74, up 14.58% compared to the $187,441.58 rebate received during the same month last year. So far this year, the city’s rebates are up 9.09%, to $2,568,841.87, compared to $2,354,790.52 received at this time last year.

Olney’s rebate this month from their 1.5% rate was up 23.63% to $33,023.77, compared to the $26,711.74 received during the same month last year. So far this year, Olney’s rebates are up 8.46%, to $341,962.69, compared to $315,268.17 received at this time last year.

Newcastle is showing an increase from their 1.5% sales tax rate of 20.36% to $5,521, compared to the $4,586.70 collected during the same month last year. So far this year, Newcastle’s rebates are up 5.91%, to $62,305.53, compared to $58,826.52 received at this time last year.

Young County’s 0.5% sales tax yielded $100,057.86 this month, up 10.53% from the $90,523.12 received during the same month last year. Year-to date, the county has received $1,212,877.60, up 8.86% from the $1,114,099.15 collected at the same point in 2018.

For the full story, see the Wednesday, Dec. 18 edition of The Graham Leader.