Preliminary sales tax numbers for May 2022 still strong, but slowing pace
The city published its preliminary May 2022 sales, use and accommodation tax report, which showed a 6% increase in collections compared to May 2021, amounting to an additional $116,607. Over the past five years, May’s revenue has accounted for about 5% of each year’s entire collections, and in 2022 comes to almost $2.1 million.
Year-to-date sales tax collection is $16.8 million, 27.4% higher than the same timeframe from 2021. Though May 2022 outperformed May of last year, the year-to-date gap between this year and last has shrunk by about 12% since April. By the end of April, 2022, year-to date sales tax collection was 31% higher than last year.
Sales tax revenue was 35.4% higher in January 2022 compared to January 2021, as collections from lodging and amenities soared past 2021 totals by 70%.
Compared to May of last year, the categories that saw the largest increases in collections were sporting goods at 18%, construction and home improvement at 16.5%, and miscellaneous retail at 10.4%.
The areas where collection revenue was less than last May were restaurants, down 3%, liquor stores, down 3.6%, lodging and amenities, down 5.2%, and marijuana which was down a whopping 18.6%.
Year-to-date marijuana tax collections are down 10.6% compared to January through May of 2021.
May’s Accommodation Tax collections are down 5.9% compared to May of last year, but year-to-date accommodation tax collection is 55.2% more than the same time period last year. April 2022 Accommodation Tax collection was also lower than last year by 6.8%.
The Building Use Tax, which helps fund capital projects for Steamboat Springs, fluctuates depending on building permits issued, use tax reconciliations completed, and the size and number of developments in the City. For the month of May, net collections through the Building Use Tax was $475,252.
The Municipal Tax Page provides general tax information and staff contacts. The page also provides information on sales tax rates, online sales tax filing, construction use tax, the excise tax on construction, vehicle use tax, and links to documents, reports and the sales tax code.
To reach Spencer Powell, call 970-871-4229 or email him at spowell@SteamboatPilot.com
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