Sales Tax Revenues Continue to Grow in Sullivan County | Business
BLOUNTVILLE – Across the county, sales tax revenue for November is up nearly 12.4% from November 2020, according to a report from the Sullivan County Department of Finance.
This represents $ 629,000 of growth for the month, year-over-year, and contrasts with the 4.55% growth rate recorded for November 2020. This growth includes revenues for towns in the county, which all have increases.
The November revenue report covers the four months since the start of the 2021-2022 fiscal year. The four-month total of $ 22.93 million, county-wide, shows a 12.6% increase over the same period last year.
The county’s total for November was nearly $ 5.71 million, up from $ 5.08 million recorded in November 2020.
Where does the income come from?
Kingsport continues to produce the majority of sales taxes generated in the county.
The $ 5.71 million, per collection point: Kingsport, $ 3.2 million; Bristol, $ 1.46 million; non-urban parts of the county, $ 912,000; Johnson City, $ 79,500; and Bluff City, nearly $ 59,000.
Growth in November by location, year over year: Kingsport, $ 325,000; Bristol, $ 171,000; non-urban parts of the county, $ 117,000; Bluff City, $ 8,000; and Johnson City, $ 8,000.
Total county-wide sales tax revenue for the four-month period was nearly $ 22.93 million.
Where does the income go?
Half of the money goes to local school systems:
The share of Sullivan County schools is $ 5.11 million, up $ 519,000 from the same period a year ago.
Kingsport City Schools’ share is $ 4.06 million, up $ 542,000 from last year.
The Bristol, Tennessee, City schools share is nearly $ 2.25 million, up $ 228,000 from last year.
Johnson City Schools’ share is nearly $ 43,000, down $ 4,100 from last year.
The non-school share for each locality for the four-month period: Sullivan County, $ 1.86 million, up $ 303,000; Kingsport, $ 6.97 million, up from $ 643,000; Bristol, $ 2.83 million, up from $ 347,000; Bluff City, $ 119,000, up from $ 14,000; Johnson City, $ 153,000, down $ 23,000.
Sales tax 101
Sales tax revenue goes to localities two months after they are collected by local traders.
September sales tax collections, for example, flow back as revenue to Sullivan County, Kingsport, Bristol, Bluff City and Johnson City – as well as the county’s three school systems – in November.
Sales tax revenue is generated when money is spent on goods and services in businesses in the county and its cities.
Locally, cities and counties finance most of their services through a combination of property taxes and sales taxes.
When a consumer pays sales tax locally, that money is sent to the state, which takes a small portion and redistributes it to the county and its towns based on the collection site.
Local options sales tax revenue is split 50/50 – half going to the county school systems and the other half to the local government where the collection business is located.
Every dollar of local option sales taxes collected at Kingsport, for example, generates 50 cents for the county’s three school systems (the money is divided based on average daily attendance) and 50 cents for city coffers. .