Austin Texas Real Estate Blog

Consumers remain cautious about spending their hard earned money in this shaky economic climate, but retail sales show a small gain in spite of it. This shows positive growth for the area.

The Texas Comptroller’s office reports sales tax receipts in the Austin area were $11.5 million in July 2008, a small increase – about .7 percent – over last year. For comparison, Houston’s sales tax revenue was up 7.3 percent, San Antonio’s was up 4.7, and Dallas was up 2.9 over last year at this time. For the first seven months of 2008, Austin pulled in $85 million in sales tax revenue, showing an increase of just over one percent, 1.4 percent to be precise, over the first seven months of 2007.

Statewide, the comptroller collected nearly $2 billion in sales tax receipts in June of 2008, an increase of 8.4 percent over 2007. The comptroller allocated nearly $312 million statewide in July sales tax allocations, an increase of 2.6 percent over 2007.

The top Texas sales tax rate increases by city show Arlington in first place with an increase of 13.54 percent, Beaumont next with 9.41 percent, followed by Tyler with an increase of 9.18 percent. Then comes Midland at 8.62 percent, Fort Worth with an increase of 8.36 percent, followed by Houston at 7.33 percent. Austin brings up the rear with a modest increase of .68 percent over 2007 rates.

In an article in the Statesman, Comptroller Susan Combs sums it up thusly: “Through June 2008, fiscal year-to-date state sales tax collections have increase 6.1 percent compared to fiscal 2007. While we have seen the national economy slowing, growth in Texas sales tax revenue continues at a steady pace.”