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Understanding San Carlos Revenue: Sales vs. Property Tax Trends and Local Financial Solutions

This analysis by Michael P. Garvey, City Manager of San Carlos, delves into the fiscal landscape of local revenue, focusing on sales and property tax trends. It explores the distribution of tax revenues and outlines specific examples of how various properties contribute to the city's tax base. The document discusses the challenges San Carlos faces in recovering lost revenue due to state policies and suggests solutions to restore financial stability, highlighting the potential impacts on local services and community development.

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Understanding San Carlos Revenue: Sales vs. Property Tax Trends and Local Financial Solutions

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  1. GOT REVENUE? Michael P. Garvey City Manager San Carlos

  2. Sales Tax Revenue

  3. Property Tax

  4. Fiscal Trends in Government

  5. Where Do Local Taxes Go?

  6. Some Math: Residential Home Appraised @ $600,000 Property Tax $6,000 City Share $ 540

  7. Building Appraised @ $3,500,000 Property Tax $35,000 City Share $ 3,150 Some Math: Commercial

  8. Building Appraised @ $2,200,000 Property Tax $22,000 City Share $ 1,980 Sales Tax $275,000 Some Math: Retail

  9. Residential $ 540 Commercial $ 3,150 Retail $ 276,980 A Comparison:

  10. Sales Tax Bias? Recent report of the Institute of Public Policy: Cities seem to favor land uses that generate sales tax Cities use all revenue for services

  11. Traffic Density Design “Affordable” stigma Residential Political Issues

  12. Talk of taking sales tax Share income tax? Restore revenue generated by housing Restore local property tax taken by State Solutions

  13. San Carlos’ Lost Revenue

  14. San Carlos’ Lost Revenue (Cont.)

  15. Any Revenue Coming Back?

  16. Recap Of Lost Revenue Total taken: $ 7,552,037 Total replaced to date: $ 763,124 Replacement that is a new tax: $ 569,513 Replacement that is unrestricted: $ 0 Newly replaced in 1999-2000: $ 110,425 Ongoing replacement (arrest fees): $ 31,486 One-time repayment (local prop tax): $78,939

  17. Talk of taking sales tax Share income tax? Restore revenue generated by housing Restore local property tax taken by State Solutions

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