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 | City Revenue Sources |
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Property Taxes are 27% of City's Revenue
- Growth in tax
revenues occur with new construction
- New construction to slow
as we reach build out
- Tax rate regulated by
Initiative 747, limiting increases
- limited opportunity for
increased rate w/o voter approval
Sales Taxes are 20% of City's Revenue
- Sales taxes present
opportunity for growth |
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| What are Taxable Retail Sales
(TRS)? |
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Effective April 1,
2006, sales tax in Anacortes is 8.0%. Of this, 6.5% goes to the
State, 1.0% to the City and 0.5% to the County. Of the 1.0%,
0.15% goes to the County, and an approximate .01% administrative
charge is kept by the State, so the City actually receives a net
of .84%of retail sales in Sales Tax Revenue.
So what does
this mean in dollar & cents....
The city receives
about $8,400 in sales tax revenue for every $1 million in
Taxable Retail Sales generated in City.
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| How does our TRS compare to
others? (TRS=Taxable Retail Sales) |
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2004 Anacortes
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2004 Skagit
County
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2004 WA State
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Industry and SIC
Number
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Taxable Retail
Sales
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% of Total
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Taxable Retail
Sales
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%
Of Total
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Taxable Retail
Sales
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Retail Trade
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$172,218,547
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55.1%
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$1,270,468,377
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62.6%
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$100,369,724,273
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21.8%
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Services
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$32,345,832
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10.3%
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$163,269,644
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8.0%
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$71,852,839,036
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15.6%
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Contracting
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$46,318,402
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14.8%
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$270,988,725
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13.4%
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$30,021,366,902
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6.5%
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Manufacturing
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$18,275,794
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5.8%
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$57,459,229
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2.8%
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$96,540,138,221
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21.0%
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Trans/comm /util
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$18,762,205
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6.0%
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$74,039,094
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3.6%
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$10,950,479,221
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2.4%
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Wholesaling
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$17,841,198
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5.7%
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$153,007,539
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7.5%
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$100,192,121,209
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21.8%
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Fin/ins/Real Estate
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$3,107,781
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1.0%
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$23,427,614
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1.2%
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$25,529,872,852
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5.6%
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Other Business
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$3,907,718
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1.2%
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$15,856,948
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0.8%
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$
23,915,384,065
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5.2%
|
|
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$312,777,477
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100.0%
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$2,028,517,170
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100.0%
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$459,371,925,779
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100.0%
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• -Anacortes
& Skagit Retail TRS is 3 X greater (as % of total) than state
average
• - Anacortes
Contracting TRS is 2 X greater (as % of total) than state
average
• - Anacortes &
Skagit Manufacturing TRS is ¼ of state average
• - Anacortes &
Skagit Wholesaling is about ¼ and 1/3, respectively, of state
average
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•Anacortes is about 5 pp below state averages for:
services, fin/ins/real
estate, other businesses
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Anacortes Taxable Retail Sales Detail |
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How has Anacortes' Taxable Retail Sales changed over time?
Which segments of our economy has contributed the most to our growth?
Answers to these questions and more can be found here. |
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