Rensselaer County Earns Over $100 Million in Sales Tax Revenues for First Time in 2021, McLaughlin and Legislators Announce
Rensselaer County has a set a record for sales tax revenues in 2022, with the county breaking the $100 million mark for the first time for revenues and collecting more than in any previous year, County Executive Steve McLaughlin and members of the County Legislature announced.
The county has never broken the $100 million mark for sales tax revenues in a year, and shows the county’s growing economic strength, said McLaughlin. Along with breaking the $100 million mark for sales tax revenues in 2021, the county is still waiting on two payments for the year.
“This is great news for the county, and shows more and more shoppers and residents are coming to Rensselaer County to make important purchases, or for entertainment, dining or other destinations,” said McLaughlin.
“Taxpayers benefit from the increase in sales tax revenues, because the added revenues go to the county, cities, towns and villages for their budgets. Shopping in our county amounts to an investment in our county,” added McLaughlin.
The county has so far received $101,503,153 in sales tax revenues for 2021, with two payments remaining. In 2020, the county received $95,975,325 in sales tax revenues.
The county recently earned good news with the report that Rensselaer County was one of only three counties in the state to see growth in GDP during 2020. The year 2020 was seen as particularly challenging, coming at the height of the pandemic.
Before the pandemic, the county led the way in 2019 in the state in sales tax growth, with an 8.4 percent growth in sales tax revenue.
“We think the growth in sales tax revenues shows the positive effect our reductions in property taxes, improvements in county services, and support for economic development and job creation. These decisions have our county moving in a positive direction,” said McLaughlin.
During the past four years, the county has reduced property taxes by nearly 19 percent, and the 2022 budget includes a 10 percent property tax reduction. By 2020, the period the report is based on, the county had adopted two consecutive property tax reductions.
“This is excellent news and it is indicative of the strength of our growing local economy. People want to live and spend money in Rensselaer County because we have created a climate for growth and it is important that we stay on the right track”, said Chairwoman of the Legislature Kelly Hoffman- North Greenbush.
“We have seen tremendous growth in Rensselaer County over the last few years and these sales tax numbers reflect that. Residents of Rensselaer County no longer have to cross the river to shop retail because they can now find it here, in Rensselaer County”, said Vice Chair Bob Loveridge- East Schodack.
“Rensselaer County is in great fiscal shape and this is just one of the reasons why. This record sales tax collection will help benefit all of our towns and villages through our sales tax revenue sharing agreement. As the saying goes, a rising tide lifts all boats”, said Chair of Finance Rob Bayly- Poestenkill.