Slight slump in sales taxes continues

Posted 8/15/24

Only Winnsboro reported higher sales tax income in August than a year ago among Wood County cities, according to the monthly report from the state comptroller’s office.

For the first eight …

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Slight slump in sales taxes continues

Posted

Only Winnsboro reported higher sales tax income in August than a year ago among Wood County cities, according to the monthly report from the state comptroller’s office.

For the first eight months of the year combined, Alba is slightly ahead of 2023 while Yantis remains well ahead despite a lower report in August.

Sales taxes rebated to cities and counties by the comptroller are generally for taxes collected by merchants in June and reported to the state in July.

At this time last year, the six cities plus the county had collected $6,347,684 in sales taxes.

So far this year they have collected $6,235,643.

Those cities collect a 1.5% tax on retail sales and Wood County collects an additional half-cent.

Combined with the state’s 6.25% sales tax, purchases inside cities are taxed at 8.25%, the maximum allowed, while purchases in unincorporated areas are taxed at 6.75%.

Mineola saw a slight decline in its August rebate to $276,117, a drop of just under one percent.

For the year the city’s collections are down 1.7% to $2,029,009.

Winnsboro’s increase of almost four percent in August to $128,048 brought the yearly total to $946,085, which is just eight-tenths of a percent behind last year.

Quitman saw a decline of almost 20% in August to $82,307. For the year the drop is about five percent, totaling $630,425.

Hawkins tax revenues dropped 7.5% in August to $46,447. For the year the city has collected $333,952, which is down just under two percent.

Alba remained just ahead for the year at $243,525, up about $1,800. The August rebate for $31,872 is down four percent.

Yantis also saw a drop for the month of more than four percent to $12,962 but remains 13.64% ahead of 2023 for the year with income of $99,790.

The county earned $257,410 for the month, down more than four percent from 2023. The yearly total for eight months is $1,952,855, which is off by 2.15%.