ARCHBOLD WEATHER

Income Tax Collection Almost $4 Million





 

 

The village of Archbold municipal income tax raised nearly $4 million during 2015.

Information provided by Dennis Howell, village administrator, states the total collection for the year was $3,955,875.58.

The total collection is up by 6.88% over 2014, when it was $3,701,102.34.

The difference between the two years is $254,773.24.

The tax collection for December 2015 was $68,148.46, an $8,149.87, or roughly 13.6%, increase over the same month in 2014, when it generated $59,998.59.

Originally instituted in 1967, the village municipal income tax rate is currently 1.5%.

The amount is charged against employee payrolls and corporate profits. The money is earmarked for capital projects.

A one-quarter of one percent (.25%) share goes to the Archbold Park Board for capital projects.

The best year ever for the income tax was 2006, when over 12 months, the tax raised $4,875,555.99.

Tax revenue fell for the next four years, during the midst of the nationwide Great Recession.

The 2010 tax collection was about $3.45 million, down $1.4 million from the 2006 peak.

The tax began growing again in 2011, 2012, and 2013, but stumbled again in 2014.

The 2015 income tax collection is about $920,000, or almost 19%, less than the 2006 record.


Leave a Reply

Your email address will not be published. Required fields are marked *