Sales tax rebate dollars from the state were up for Oct. and Nov.

by / 0 Comments / 31 View / February 27, 2017

By David Tuma, Publisher

Sales tax rebate dollars from the state were up for the October and November with $716,906 received, compared to $697,000 last year. Hotel/ motel taxes were relatively the same over the fall. Housing permits were up 500 percent in October and 157 percent in November. Traditionally new home construction dips in October and November. With 36 new homes starting in those two months is the strongest start to a physical year at least since the start of the recession in 2008.

Median home prices remain stable or unchanged at $219,225. Median home sale prices in Belton increased by 8 percent. The average median home sale price was $210,000.

Over 22 percent of the homes for sale in Belton were priced at or above $250,000. Inventory of homes for sale in Belton was up 58 percent by the end of the year.

Another key positive economic sign were commercial and residential water hooks up increasing 500 percent over the year before. Fuel prices increased 2.5 percent.

Unemployment rate continues to drop from a high of 8.1 percent in 2012 to 4.3 percent in 2017.

The development of West–Temple might have been the cause of a slight decrease in sale tax receipts for the City of Belton. Sales tax rebate dollars off of retail sales and franchise taxes account for 44 percent of the city budget. Business also pay property taxes to the City of Belton in large chunks in industrial areas.

Having a robust business area or areas is vital for city services.