The Village of Archbold 1.5% tax on individual earnings and corporate profits raked in more than $3.7 million in 2013, members of council learned Monday, Jan. 6.
Dennis Howell, village administrator, told council the tax collection for December was $50,076.21, which boosted the collection for the year to a final figure of $3,740,733.85.
That’s $50,663.25 better than 2012, when the tax generated $3,690,070.60.
Third Year
It’s also the third straight year the collection exceeded the previous year.
Municipal income tax collections reached a peak in 2006, when the total collection was more than $4.876 million.
After that, as the U.S. and world economies faltered, the total tax collection dropped four straight years on a yearto year basis, bottoming out at $3.45 million in 2010.
The $3.7 million collection for 2013 is roughly equivalent to 1999, when the collection was $3.767 million.
Jan. 1, 1967
The village began collecting a 1% income tax on Jan. 1, 1967. The first year, $115,083.21 was collected.
The money is directed to capital projects.
A quarter-percent (.25%) tax was added to support the village Park Board in 1976. The Park Board share of the tax was reduced to an eighth of a percent (.125%) effective July 1, 1986.
In 2000, the village tax was raised to 1.25%, and the park share was increased to a quarter percent (.25%), for a total of 1.5%.
Since the tax went into effect, it has raised $103,648,298.78.
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