Income to Sussex County government from the four major sources of
building-related revenue increased more than $4 million over the past two fiscal years.
Revenue from taxes and fees associated with building and construction is the
engine that drives Sussex County and if current trends hold true for the
rest of the county’s fiscal year 2014, a major rebound is in the works.
As of Dec. 31, realty transfer taxes and building-generated revenue are busting the county’s budget. Collection of realty transfer taxes is 45% over budget to $11.6 million, numbers not seen since 2008, said County Finance Director Gina Jennings. Realty transfer taxes are the county’s top income for its general operating budget. Jennings said it’s possible that income from the tax could reach as high as $20 million this fiscal year.
Building-related revenue is 39 percent over budget to $2.3 million and 20% higher than during the same time period last year.
Download the Housing In Sussex PDF for more stats.