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Income Tax Could Be Down $500,000




 

 

Joan Lovejoy, Archbold finance director, said based on current figures she anticipates the Archbold municipal income tax collection will be down $400,000 to $500,000 in 2007, compared to 2006.

With the October results, all of the really large collection months are in for 2007; she does not expect large amounts of revenue through the end of the year.

At the end of 2006, the 1.5% village income tax generated $4,876,555.99. From Jan. 1 to Oct. 31, 2007, the tax generated $3,724,133.37, a difference of $1,152,422.62.

During the first 10 months of 2006, the income tax generated $4,151,669.62. Compared to the 2007 collection, the current year is down about 10.3%, or $427,536.25.

The total amount of money collected during October 2007 was $441,506.85; but that was down about 9% compared to October 2006, when a total of $485,585.05 was generated, a difference of $44,078.19.

Lovejoy said while the income tax is down, other tax revenue is bringing in either the same amount of money as last year, or slightly more.

She said property tax revenue is up. Personal property tax revenue is down, as that form of tax is being phased out, but the village is receiving money through the Commercial Activity Tax, or CAT tax.

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