June Sales Tax Numbers
The City of Taylor has released the actual and cumulative sales tax numbers for the month of May and posted them to the City’s website. The sales and use tax revenue reported for the City in June 2023 was $2,176,802, an increase of more than $1.5 million (255.7%) over the same time last year. The cumulative sales and use tax revenue through June 2023 is $16,734,644, an increase of over $11.8 million (241.1%) over the same period in 2021-22. In November 2022, the City began releasing a report on the third Tuesday of every month detailing the cumulative and actual numbers from the last four months of the year and comparing them to the three prior years.
Increased sales tax revenue is a positive for Taylor residents for several reasons. A majority of the revenue in the City’s General Fund is made up of ad valorem, or property tax that is charged to residents, and sales and use tax that is charged to anyone who purchases goods and services in the City. When sales and use tax revenues are up, it can help lower the property tax rate. Additionally, the increase in sales tax revenue helped the City fund limb and debris cleanup efforts due to Winter Storm Mara.
Between the increased construction use taxes from the Samsung Semiconductor construction project, and an influx of visitors and businesses in our City, the City has seen an upward trend in sales and use tax numbers that we expect will continue in the coming years.
The next report will be released on Tuesday, July 18. For more information and to view the report, visit Finance section of the City’s website at www.taylortx.gov.