Mineola, NY- Nassau County Comptroller George Maragos reported that the County’s 2016 mid-year sales tax receipts increased 1.7% year-to-date or $8.1 million compared to the same period in 2015. At this rate, the projected annual sales tax revenues will be approximately $4.7 million more than the sales tax receipts in the County’s adopted budget.
“Although we are pleased with the modest 1.7% increase in sales tax revenues for the first six months of 2016, we are not seeing the historic average growth rate of 3%,” said Comptroller George Maragos. “Consumers’ accelerating shift to online shopping has dampened the historically robust growth in sales tax revenues. Taking this trend into account, the County has budgeted only 1.26% growth in sales tax receipts for the entire year.”
Connect with Nassau County Comptroller Maragos Online:http://www.nassaucountyny.gov/agencies/Comptroller/index.html