Frisco tax revenues up, but property transfer fees lag
October 1, 2016
The Frisco Town Council held its second bi-monthly meeting on Tuesday, Sept. 27, where, as expected, it received strong revenue reports. Sales tax receipts have grown 9.76 percent year to date, adding an extra $430,851 to the town's coffers. The growth this year has been spread across all 17 sales-tax brackets except arts and crafts, automotive, and utility sales taxes.
The lodging tax has also risen at a nearly ten percent clip, although real estate investment fees — a 1 percent levy on property sales — are still in the doldrums, prompting town staff to downgrade their projections for the year. They cited low inventory, particularly at affordable price points, as a drag on the real estate market.
The council also voted unanimously to approve a funding request of an extra $20,000 for the Summit County Care Clinic, which was requested last month in the face of a budget shortfall. The other municipalities have rallied behind the clinic as well.
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