First half of ’22 was a boon for Snowmass Village coffers
Lodges, restaurants and retailers in Snowmass Village reported 44.2% more in taxable sales for the first six months of 2022 than they did in the first half of 2021, according to a recent report.
The town’s 3.5% sales tax produced $6.9 million in revenue from January through June, with nearly $2 million of that amount going to the general fund and $4.9 million to marketing, based on the most recent monthly tax report from the Snowmass government.
Consumers pay a 10.4% sales tax in the village — that also includes Pitkin County’s 3.6% rate, the state’s 2.9%, and 0.4% that goes to Roaring Fork Transportation Authority. The town also has a 2.4% lodging tax overnight guests pay.
This year’s first six months of sales tax collections didn’t only the dwarf the town’s first half haul of $4.4 million in 2021, but also the first halves of 2020 and the pre-pandemic years of 2017, 2018 and 2019, according to the report.
In fact, the nearly $7 million in collections from January to June this year came close to the year-end totals from the previous five years.
In 2017, the town collected $6.9 million in sales tax receipts; 2018 saw $7.5 million in proceeds; 2019 produced $8.5 million in sales tax revenue; and the pandemic-riddled 2020 generated $7.5 million, according to the report.
The town collected $660,000 in June sales taxes, also better than the previous five years.
Inflation was a factor. The U.S. inflation rate of 9.1% in June signaled the largest increase over a 12-month period in 40 years, according to the Bureau of Labor Statistics. Food prices nationally increased 10.4% for the year ending June 2022, the largest increase since February 1981. Apparel prices went up by 5.1%, and home furnishings grew in price by 10.2%.
The town’s lodging tax also was more lucrative the first half of this year.
Through June the tax had generated nearly $2 million, topping the year-end collections in 2017 and 2020. Last year’s haul for all 12 months was $2.1 million in lodging tax revenue; 2019 drew $2.3 million and 2018 brought in $2 million, according to town reports.