City’s 2024 sales tax revenue rises roughly 2% from previous year
The city’s finalized December sales tax report showed a 2.74% revenue increase compared to the same month in 2023, with year-to-date collections through the last month of 2024 increasing by 1.98% compared to the year prior, according to a city news release.
Notable sales tax collection changes recorded in the finalized December report included an 11.63% increase in the city’s lodging category, a 3.44% increase in restaurants and a 3.13% increase in sales tax collections at grocery stores.
December collections in the accommodations tax category were 11.8% higher compared to December 2023, with year-to-date collections through the end of December increasing 6.72% compared to the previous year.
According to the city, the “accommodation tax is dedicated to maintenance of improvements and amenities that enhance the community identity, environmental sustainability and economic health of Steamboat Springs, acquisition of real property for parks, recreation and open space purposes, and preservation of the city’s natural resources.”
Short-term rental tax collections, which are “dedicated for use to increase the stock of affordable and attainable housing by providing incentives and contributions to facilitate the development of affordable and attainable housing,” rose 13.34% in December — a dollar increase of $254,118 compared to the same month in 2023, according to the news release.
Year-to-date short-term rental collections through December 2024 rose 68.86% compared to 2023. The sizable increase is related to the exemption during the fiscal 2023 year, where reservations booked on or prior to Dec. 31, 2022 for stays occurring between Jan. 1-April 15, 2023 were not subject to the STR tax.
December 2024 building use tax collections rose 28.21% compared to December 2023, increasing by $36,191. Through the end of 2024, the city’s building use tax revenue increased 89.89%, or by roughly $3.6 million, compared to 2023.
The city’s building use tax collections fund capital projects for the city. Those collections fluctuate depending on building permits issued, use tax reconciliations completed and the size and number of developments in the city, according to the news release.
To learn more about city tax information, visit the Municipal Tax page at SteamboatSprings.net.
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