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Report: Local tax collections climbing fast across the Finger Lakes
Report: Local tax collections climbing fast across the Finger Lakes
Local sales tax collections across the Finger Lakes region climbed 4 percent during the first six months of this year, a report released Friday by state Comptroller Thomas DiNapoli states. That puts the region among the highest growth rates in the state.
The North Country, 4.5 percent, Southern Tier, 4.5 percent, Central New York, 4.4 percent and Mohawk Valley, 4.3 percent, topped the Finger Lakes.
Statewide local sales tax collections grew 3.3 percent in the first six months of 2017, when local collections totaled $8 billion compared to $7.8 billion during the same period last year.
“Local sales tax growth across the state is welcome news, especially for many of our upstate communities that have struggled with tough economic conditions,” DiNapoli said. “Sales tax, however, can be a volatile source of revenue and local officials must remain cautious. While consumer spending is holding up for now, the upcoming back-to-school and holiday shopping seasons may determine if this level of growth is sustainable.”
The report shows collections grew in 54 of the 57 counties outside of New York City. The strongest growth was in Oswego County at 16.7 percent, although much of that was due to technical adjustments in collections, the report states. Cayuga, 15.1 percent, Wyoming, 12.4 percent, and Seneca, 10.8 percent, also experienced strong growth.
The figures for counties in the Rochester region are
- Monroe, $237 million, up 3.7 percent;
- Genesee, $18 million, up 2.8 percent;
- Livingston, $15.2 million, up 6.4 percent;
- Ontario, $38.5 million, up 1.5 percent;
- Orleans, $8.1 million, up 8.5 percent;
- Wayne, $20.7 million, up 4.1 percent; and
- Yates, $5.3 million, up 0.1 percent.
New York City’s sales tax collections grew by $121 million, or 3.5 percent, in the first half of 2017. This increase accounts for nearly half of the total growth statewide of $256 million in local collections during the period.
To read the report, which includes a list of total collections for counties and cities, go to: http://www.osc.state.ny.us/localgov/pubs/research/local-sales-tax-growth-2017.pdf
(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or email [email protected].
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