Siloam Springs city sales tax receipts for last month showed a 6.5 percent increase when compared to the December 2017.
Sales tax revenues for December 2018 totaled $644,795.10, while in December 2017, this number was $602,724.35, reflecting an increase of $42,070.75, according to the January 2019 issue of City and Town magazine. The sales tax rate in Siloam Springs is 9.5 percent and the revenue the city receives directly from this is derived from 2 percent of this tax rate.
The increase for this month is a change for the first time in a few months, which have shown consistent decreases, and this is due to the reinstatement of the city's 5/8-cent sales tax rate. Voters decided to extend the tax in May but it did not go into effect until last month.
In the meantime, the decreases have been the result of only collecting 1.375 percent of the total sales tax rate, but things should return to normal levels now, according to Christina Petriches, City Finance Director, in an Oct. 21 report from the Herald-Leader. As for county tax revenue received by the city, there was a 15.4 percent increase, from $252,516.10 in December 2017 to $298,373.19 in December 2018.
For comparison, the sales tax revenues for some neighboring cities in the Northwest Arkansas region are listed below.
• Bentonville -- Up 31.5 percent, from $1,918,761.51 in December 2017 to $2,801,152.54 in December 2018.
• Eureka Springs -- Up 6.5 percent, from $272,615.21 in December 2017 to $291,695.05 in December 2018.
• Fayetteville -- Up 6.6 percent, from $3,428,855.66 in December 2017 to $3,670,621.66 in December 2018.
• Gentry -- Up 4.5 percent, from $53,435.33 in December 2017 to $55,946.89 in December 2018.
• Lincoln -- Up 23.6 percent, from $39,447.84 in December 2017 to $51,646.02 in December 2018.
• Rogers -- Up 5.5 percent, from $2,945,588.74 in December 2017 to $3,119,102.93 in December 2018.
• Springdale -- Up 6.8 percent, from $2,405,467.82 in December 2017 to $2,580,480.48 in December 2018.
General News on 01/23/2019