Mineola, NY: Very strong automobile and home sales have boosted County sales tax revenues by a robust 5.1% during the first quarter of 2016. This is significantly higher than the conservative 1.26% increase over the 2015 sales tax receipts in the County’s adopted budget. The improving local economy, low unemployment, good weather during the 1st quarter and low gasoline prices appear to have propelled car sales up 9% nationally and home sales up 5.7% in Nassau County with home prices jumping 4.6%. The County will need to realize a modest 0.37% increase in sales tax revenues for the balance of the year in order to meet its budgeted target of a 1.26% increase year-over-year.
“The first quarter sales tax revenues were a welcome news and reflect the health of the local economy, near full employment and very low interest rates,” said Comptroller George Maragos. “As these trends are not expected to materially change during the balance of the year, the County should have no issue exceeding its budgeted sales tax revenues.”
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