Shaker Heights Collects Nearly $21M in 2012 Income Taxes
The year-end amount includes three months of money from the voter-approved income tax increase
Shaker Heights brought in just under $21.1 million from income taxes this year.
Finance Director Bob Baker said that's the amount the city anticipated following voter approval of the income tax increase in August.
"We had been advised by (the Regional Income Tax Agency) that we would see approximately $400,000 growth in income tax receipts as a result of the election," Baker said, "and that's what we received."
The city collected $20.64 million in 2011.
Taxpayers first saw the increase reflected in their October paychecks. Baker estimated that a household earning $50,000 would pay $21 more per month than they had prior to the increase. The total annual bill for the person in that example has grown from $875 to $1,127.
Baker expects the city to receive an extra $6 million by this time next year for 2013 receipts. The tax rate rose from 1.75 percent to 2.25 percent after voters approved the increase in the August election.