Agenda - 01-29-2009 - 1 - Laserfiche WebLink

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3 o Real Property Taxes — Preliminary reports from the Collections department indicate property tax revenues to-date are consistent with past years' collection rates. Of the $117.9 million budgeted for real property taxes, the Revenue office has collected about 93% of total budget or $110 million as of mid-January 2009. The Revenue Office reports some taxpayers have been slower paying their bills than in past years, and a few others, mainly large construction companies and restaurants, have asked for payment plans. In addition, staff reports seeing a higher percentage of bankruptcies than in past years — especially in the area of wage earner, or personal, bankruptcies. To date these factors have not negatively affected collections, and staff is cautiously optimistic that collections will continue to be on target for the remainder of the current year. The encouraging news is that real property tax bills are being paid. An important benchmark date for real property tax collections is the first of February, because by that time, taxpayers who have not paid will have received their second notices and garnishments will have begun. o Motor Vehicle Property Taxes — Motor vehicle property tax collections to-date are on target with where the County should be at this time of the year. However, as mentioned during the Board's retreat in early January, one area of concern is motor vehicle va'uations. As economic conditions continue to worsen, many people are trading larger, more expensive vehicles for smaller, less expensive ones. Staff closely monitors these numbers monthly and will provide additional information to the Board as it becomes available. o Sales Taxes — To date, the County has received four months of sales tax receipts for the current year - August through November 2008. Out of an $18.8 million budget, the County has received $6.3 million or 33.7%. As a point of comparison, after four months, the target collection point is 33.3%. Sales tax receipts,anticipated in February and March 2009 will reflect recent holiday sales activity. o Land Transfer/Construction Related Revenues — These revenues include Register of Deeds fees along with Planning/Inspections/Environmental Health permit revenues. There is an evident slowing trend in this revenue area — particularly in the area of land/property transfer related revenues. This is indicative of a slowing housing market. As a point of reference, of the $1.8 million budgeted for Register of Deeds fees, the County has collected about $625,000 or about 35% of total budget after the first six months of the fiscal year. In the area of construction related revenues such as building permits and