The City Of Stillwater announced in a press release, the latest updates of their Tax Apportionment. Apportionment is the determination of the percentage of profits subject to a given jurisdiction’s corporate income or other business taxes. U.S. cities and states apportion these public funds, based on some combination of the percentage of company property, payroll, and sales located within their governing borders.
Note: The collection is based off of February transactions that were reported to the Oklahoma Tax Commission in March and apportioned to the City in April.
TOTAL SALES AND USE TAX COLLECTION: $3,022,582
PREVIOUS YEAR’S MARCH TOTAL SALES AND USE TAX COLLECTION: $2,529,631
INCREASE FROM PREVIOUS YEAR: $492,951 (19.49%)
SALES TAX COLLECTION: $2,762,937
PREVIOUS YEAR’S MARCH SALES TAX COLLECTION: $2,276,840
INCREASE FROM PREVIOUS YEAR: $486,097 (21.35%)
Note: One cent ($0.01) of collected sales tax is dedicated to the Stillwater Utilities Authority and a half-cent ($0.005) is dedicated to Transportation projects, as determined by a vote of Stillwater residents.
USE TAX COLLECTION: $259,645
PREVIOUS YEAR’S MARCH USE TAX COLLECTION: $252,791
INCREASE FROM PREVIOUS YEAR: $6,854 (2.71%)
HOTEL/MOTEL TAX COLLECTION: $52,676
PREVIOUS YEAR’S MARCH HOTEL/MOTEL TAX COLLECTION: $35,853
INCREASE FROM PREVIOUS YEAR: $16,823 (46.92%)?
For more information about the budget and taxes, visit the City’s Financial Center at stillwater.org/budget.
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