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Some estimates indicate a 20% decline in home values, at least in parts of the nation. Stores are cutting back or closing. Circuit City is a recent bankruptcy casualty. Sales taxes are negatively impacted.
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AVOC
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November 11, 2008
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OCONEE SALES TAX RECEIPTS ARE DOWN OVER 15 MONTHS
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By Wendell Dawson, Editor, AVOC, Inc
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Oconee has published figures at the end of FY 07-08 that may show increasing values and taxes. However, this could be some wishful thinking when one looks at the reality of the housing market and declining retail sales. Common sense tells us that homebuilding supply sales are way down. That will continue to impact sales tax receipts.
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At the same time, we have commissioners talking about a $ 40 Million SPLOST project that is being planned before the new board takes office in 2009. They still believe their own projections that revenue will keep perpetually going up. Unfortunately, if they are wrong, their mistakes will cost all of us and will be around when they are all gone.
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Citizens need to be alert to the SPLOST plans and have some real input! We cannot afford more of the “big spending” and annual tax increases we have had in recent years.
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OCONEE LOCAL OPTION SALES TAX COLLECTIONS
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Received
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FY05
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FY06
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FY07
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FY08
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FY09
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July
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372,632.18
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368,405.18
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426,530.75
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421,089.08
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378,227.71
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August
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348,274.79
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351,985.88
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422,921.53
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382,209.14
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384,985.82
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September
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337,211.92
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391,393.97
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466,921.74
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476,429.63
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400,532.58
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October
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357,377.55
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389,546.19
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453,292.58
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365,354.48
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November
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321,085.94
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369,684.65
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523,604.06
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463,116.81
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December
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325,270.32
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366,861.66
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230,490.56
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380,375.29
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January
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284,911.83
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364,104.28
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342,225.18
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343,386.97
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February
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321,530.39
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391,451.65
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405,846.68
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569,126.28
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March
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319,179.69
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402,548.45
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375,879.91
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295,950.74
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April
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308,005.26
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377,952.39
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378,689.64
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379,170.71
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May
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320,428.47
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389,346.64
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418,255.83
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384,913.18
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June
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347,570.40
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413,108.27
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427,638.44
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361,996.92
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TOTALS
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3,963,478.74
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4,576,389.21
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4,872,296.90
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4,823,119.23
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3-28-08 SPLOST Sales Tax Projects – Good and Bad
5-2-08 Time to Tell Tax Assessors & Officials that the “Party is Over”!!
11-9-07 Housing slump impacts taxes and water revenue in GA & Oconee County
7-17-07 GA and NEGA Counties reaping windfalls with tax re-assessments
11-16-07 Increasing Revenues and Growing Tax Digest Do Not translate to Lower Taxes
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Home >> Article Index » Articles » Oconee County » 11-12-08 Oconee needs to rein in spending – revenue is declining - Part 2