October sales taxes in Steamboat up nearly 8% over last year
The city of Steamboat Springs’ sales tax collections were 7.7% higher this October than they were a year ago, and collections for the first 10 months of the year have exceeded what had been budgeted for 2021.
|Steamboat Springs October 2021 sales taxes|
|Year to date||$27,261,624||$22,323,245||22.12%|
Sales taxes collected for October totaled $2.26 million, beating out the same month last year by about $160,000.
For the year, the city has collected $27.3 million, passing the $25.7 in revenue outlined in the city’s budget. Through October, sales taxes collected this year are more than 22% higher than they were last year.
Over the past five years, October has accounted for about 6% of the year’s sales tax collections on average.
Revenue collected from lodging and amenities, restaurants and utilities all saw double-digit increases over last year. Last October saw increases in COVID-19 cases locally, which led to limited capacities in restaurants and then closing them for all indoor dining the next month.
|Steamboat Springs October 2021 sales taxes by category|
|Construction & Home Improvement||$334,411||$350,793||4.90%|
|Grocery Stores & other food sellers||$334,236||$331,392||-0.85%|
|Lodging & amenities||$242,213||$310,351||28.13%|
Lodging saw the largest increase over last year by jumping more than 28% and bringing in about $310,000.
The largest share of sales taxes collected came from the U.S. Highway 40 corridor of the city. Each of the six zones saw an increase over last year except West Steamboat, an area that contains both dispensaries and liquor stores, sectors that each collected less sales taxes compared to last year.
Taxes on booze and marijuana purchases were about 8% and 30% less, respectively.
|Steamboat Springs October 2021 sales taxes by area|
|Highway 40 Corridor||$733,700||$733,700||2.57%|
|Out of Town||$174,838||$219,032||25.28%|
|West Steamboat||$453,423||$394,417||– 13.01%|
October’s nearly $2.3 million in sales tax revenue is the highest in the past 15 years and likely the highest ever, according to city tax data.
Every month in 2021 has collected more money than the same month the previous year, dating back to at least 2006, except for January and February, two months where local restrictions were more cumbersome than they are now.
Additionally, accommodation taxes were up just over 20% in October and are up about 32% on the year as a whole. This money is primarily dedicated to local trail projects, with a smaller portion going toward marketing of these projects and improvements at Haymaker Golf Course.
Building use tax collection continues to blow last year out of the water with revenue collected this October coming in at more than 1,000% higher than last. Those collections were about $433,000 this October as compared with just $37,000 last year.
On the year, building-use taxes collected are almost triple what they were last year.
To reach Dylan Anderson, call 970-871-4247 or email danderson@SteamboatPilot.com.
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