Aspen sales tax revenue down in November
Aspen, CO Colorado
ASPEN – Aspen continues to feel the effects of the national economy and recession, judging from sales tax revenue the city collected for November.
According to the city’s consumption tax report, sales tax collections for November were down 12 percent from the same month in 2008. However, starting in September 2009, the city’s tax rate decreased from 2.2 percent to 2.1 percent. Stated another way, the tax rate is now 4.5 percent lower than prior to September 2009, and year-to-year revenue comparisons won’t be relevant until this September.
Sectors dependent on tourist-oriented sales didn’t fare well in November. Tourist accommodations are still down and have seen a decrease every month in 2009, according to the city’s report.
Lodging tax collections for November were down 25 percent from the same month in 2008. Year-to-date collections through October were down 27 percent from the prior year.
Aspen’s portion of Pitkin County’s sales tax for October 2009 were down 16 percent from 2008.
Both of the real estate transfer taxes, or RETT, are reflecting year-to-date amounts slightly higher than 2008, which is most likely a result of units closing at the Residences at The Little Nell and other fractionals. While January, February, August and November had increases, March through July, as well as December, were down compared to 2008.
Year-to-date Wheeler RETT collections through December were 4 percent over collections for the same period in 2008. Year-to-date housing RETT collections through December were 3 percent over collections for the same period in 2008. Wide fluctuations in the real estate transfer taxes are normal, according to city officials.
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