Jeff Smith noon, March 8
San Diego Tax Revenue Sharply Down
Audit information released by the City last week reveals some surprisingly sharp declines in tax revenue. Consider, for example, transient occupancy (hotel) tax revenue for fiscal 2010, which goes from mid-year 2009 to mid-year 2010. Receipts for 2010 from that tax plunged 12.3% to $123.3 million compared with 2009 totals.
Similarly, general fund sales tax revenue plummeted 9.5% to $192.7 million in fiscal 2010 from fiscal 2009.
General fund property tax revenue decreased only 1.9% to $391.4 million in fiscal 2010 from 2009.
Residential property values, which plunged around 40% from the 2005 peak, then bounced back a bit, are still down 38% from the late 2005 peak and some economists expect further declines.