Tax Revenues Surge in Orlando, FL and CA
1. Orange County (where Orlando, FL is located) hotels generated the second-highest month of tax collections on record in March.
Thanks to Steve Bartin and Ben Cunningham.
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Thursday, May 05, 2011
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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6 Comments:
No wonder tax collection is up in Florida...
From the Herald-Tribune dated Friday, April 22, 2011:
Governments raised property tax rates last year in 51 of the state's 67 counties and 169 out of 390 cities and towns, according to a Herald-Tribune analysis of new data from the Florida Department of Revenue.
In a large majority of cases, the counties and cities took in less tax revenues despite their rate hikes as Florida's still-struggling real estate market continued to diminish their tax bases...
How come the L.A. Times doesn't offer even a guess where the 'alledged' $2-billion surge in taxes 'if' California's unemployment rate is as high as claimed?
Clarification: Tax collections in Orlando (Orange County) were for the hotel tax.
O.K., now that makes a bit more sense for sure...
Considering Mexico's violence problems Florida makes good sense...
From the article...
"Local properties logged an average occupancy rate of 80.6 percent in March, a 9.9 percent improvement on the same month last year,..."
So a 9.9% occupancy increase in Orlando area hotels resulted in a 16% tax revenue increase for the county. The hotel tax is a 6% tax (max. allowed by state law Juandos - so it is just the fact they couldn't go higher)How much did their prices increase over last year if the tax didn't?
More than 2.1%? Price Gouging! Send Obama to the rescue! End unfair hotel subsidies for state government!
Yay! More money for governments! Just what they need to keep doing so much good!
Tax revenues surged in California? Sorry, it didn't happen.
The April 2011 reports shows that y-y change in monthly tax revenue was: Overall, +3.0%; Corporate +7.0%; Personal (0.5%). The 12m revenues ending in April 2011 vs the same on April 2010 were +5.8%.
This is not a surge. In fact the (0.5%) for personal taxes is depressing.
Maybe folks were fooled by the headline that Calif got an 'extra' $2B in April but that's from their estimate, always a low ball one in order not to scare the citizens and to have government look good.
We are still in a whole pile of dodo here in Calif and the government stinks.
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