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To: <br /> <br />From: <br /> <br />Date: <br /> <br />Subject: <br /> <br />Quarter Ending <br /> <br />Board of Commissioners <br /> <br />Blak Bennett <br /> <br />August 28, 1995 <br /> <br />Local Sales and Use Tax/Property Tax Collections <br /> <br />****************************** <br /> Sales and Use Taxes <br /> <br />FY 1993/94 <br /> <br />FY1994/95 %Increase <br /> <br />September $2,568,835 $2,789,154 8.58 <br />December 2,784,915 3,015,794 8.29 <br />March 2,639,647 2,994,253 13.43 <br />June 2,924,776 3,096,433 8.58 <br /> ~- $10,918,173 $11,895,634 8.95 <br /> <br />The County's total budget for sales tax in fiscal year ending 1995 was $11,120,285. The County <br />experienced an annual increase of 8.95% in sales taxes. Retail growth and spending patterns <br />continue to improve. <br /> Property Taxes Collections <br /> <br />The total property valuation including motor vehicles was approximately $5.1 billion. The real <br />estate property value was approximately $4.8 billion. After reviewing the past 10 years of tax <br />collections, this year was the highest at 97.64%. Real estate property tax collections were <br />98.44%. The fact that motor vehicles are billed monthly and collections tend to be 1 to 3 months <br />later, tend to reduce the collection percentage. Total tax collections for current and prior years <br />exceeded budget projections by nearly $3 million. The tax departments are to be commended for <br />an excellent year, one of the best records ever in Cabarrus County. <br /> <br /> Finance Department <br /> <br />PO. Box 707 · Concord, NC 28026-0707 · (704) 788-8104 <br /> <br /> <br />