RENSSELAER COUNTY CONTINUES TO SHOW STRONG SALES TAX PERFORMANCE AND IS ON TRACK TO BREAK REVENUE RECORD SET LAST YEAR, COUNTY EXECUTIVE STEVE MCLAUGHLIN ANNOUNCES
Rensselaer County is poised to break an important record for sales tax revenues, an indicator of strong economic activity in the county and good news for county municipalities and residents, County Executive Steve McLaughlin announced.
In 2021, the county exceeded the $100 million level for sales tax revenues for the first time in history. During last year, the county not only exceeded $100 million, earning $110 million. For the 2022 fiscal year, the county is now at $108.6 million with three payments for the year still to come.
“This is important news and shows Rensselaer County is continuing to attract more and more for shopping, dining out and other important purchases,” said McLaughlin.
“Our returns for sales tax have consistently been strong and showed growth when compared to similar periods in previous years. It is exciting to see our county with this kind of momentum as we enter 2023,” added McLaughlin.
The county is now showing growth of 10 percent for 2022 over the 2021 fiscal year, county officials noted.
McLaughlin said expansion of retail outlets in several towns in recent years has been a positive factor, giving residents an opportunity to shop locally, along with attracting shoppers from elsewhere.
The county has shown strong performance on sales tax revenues in recent years. Along with exceeding the $100 million limit, the county led the state in sales tax growth in 2019.
The increase in sales tax revenues to record levels benefits the county, along with cities, towns and villages in the county, which all share in the revenues.
“Rensselaer County has seen strong retail growth in recent years, especially in East and North Greenbush, and that growth has attracted new shoppers that have helped boost our sales tax revenue. Sales tax revenue is distributed to all cities, towns, and villages, so all of Rensselaer County will benefit from this growth,” said Chairwoman Kelly Hoffman.
“Rensselaer County has done a great job in creating a positive environment for business growth and new investment. Cutting property taxes, paving roads, and improving services pays dividends by bringing more people to shop and invest here,” said Vice Chair Bob Loveridge.
McLaughlin said the county’s work to reduce property taxes has helped boost economic activity in the county. The county has reduced taxes each of the past five years, with county taxes now more than 25 percent less and at a rate comparable to what residents paid two decades ago.
“Our work to reduce property taxes has generated positive financial activity and we are seeing the benefits of those efforts. The tax cuts also help put more money in the pockets of our residents,” said McLaughlin.