January sales tax collections were strong once again in both Tate County municipalities thanks to the holiday season and many residents’ desire to shop and eat locally.
Senatobia had a boost in revenue for the 12th consecutive month with January receipts running 16 percent above what the city collected in 2020. The city collected $238,297 in sales tax in January, compared to $198,941 the previous year.
Senatobia revenue increased four percent in December, 9.6 percent in November, 9.2 in October and 10.4 in September to push the city to a 10.2 percent jump above what was collected over the first seven months of 2020. So far this year, the city has accumulated $1,504,907, compared to $1,351,468 during the same time frame the previous year.
Statewide sales tax collections are based on a three-month cycle. Checks disbursed by the Mississippi Department of Revenue in January were from sales made in November and taxes paid to the state in December. State and municipality budgets depend primarily on sales tax revenue. All municipalities in the state receive a portion of the sales tax collected within their corporate limits.
Coldwater has seen a boost in its local economy as well. The town amassed $23.069 in revenue in January, compared to $18,123 in January of 2020 for an increase of 21.5 percent.
Coldwater is ahead 7.4 percent in sales tax collections during the first seven months of the fiscal year that began in July by gathering $153,612.
The town generated $142,385 in revenue over the first seven months of 2020. Statewide sales tax diversions divided among Mississippi municipalities in January of 2021 totaled $45,841,947, compared to $42,314,454 in January of 2020 for an increase of 7.7 percent.
