Sales tax revenues show some signs of slowdown
Mineola, Winnsboro and Wood County saw slightly lower sales tax revenue in November than for the same month a year ago.
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Sales tax revenues show some signs of slowdown
Mineola, Winnsboro and Wood County saw slightly lower sales tax revenue in November than for the same month a year ago.
As a result the seven entities that collect taxes on retail sales in Wood County saw an overall drop in revenue compared to November 2019, although for the year the income is still ahead of last year’s pace.
Only the city of Hawkins remains behind last year’s figures, though that city did post a gain of almost five percent in November.
Altogether the seven have earned $6,792,310 this year compared to $6,396,042 for the first 11 months of 2019.
Cities and the county receive a monthly rebate from the state comptroller’s office.
The November report is primarily for sales recorded in September and reported to the state in October, plus those who file tax reports quarterly.
The sales tax figures have been watched closely as business shutdowns began last March in response to the coronavirus pandemic. They had been holding steady in Wood County, other than Hawkins, which has fallen 11.5% behind 2019 collections.
The November rebate for Mineola of $212,462 represents a 2.22% drop from November 2019 when $217,306 was collected. For the year the city has earned $2,188,704, which is 7.66% ahead of 2019 and on track to break last year’s record.
Quitman reported an eight percent gain in November, with collections of $70,415 compared to $65,081 in November 2019. For the year the city’s revenue is up 15.7% to $786,908, a gain of $106,000.
Winnsboro’s sales tax revenue is still well ahead of 2019 with $1,271,292 for the year, but the November rebate of $126,830 was off by 4.5% or $6,000.
Wood County revenue for the month was $193,785, down from $212,427 a year ago. For 11 months the county has received $2,148,929 as its share of the sales tax compared to $1,958,416 in 2019, which is a gain of almost 10 percent.
Alba has received $218,422 so far this year, up 34.7%. The monthly rebate of $24,117 compares to $22,288 at this time last year.
Yantis income continues ahead of last year, with $9,000 for the month compared to $7,513. For the year the city has earned $86,185 for a 16% gain.
The six cities combined collected $473,763 in November compared to $474,475 in November 2019.
The cities each collect 1.5% on retails sales on top of the state’s 6.25% tax. The county collects an additional half-cent, making the total tax rate 8.25% in incorporated cities and 6.75% in areas outside the cities.