SARATOGA SPRINGS, N.Y. (NEWS10) – Commissioner of Finance, Minita Sanghvi, released Saratoga Springs’ Quarterly Financial Report for the quarter ending March 31, 2022, on Tuesday. As of March 31, the city had collected 60% of annual property tax, about $10.27 million. Property taxes may be paid in four installments, starting March 1, and this figure is similar to 2021 when 61% was collected during the first quarter.
Sanghvi explains, “About 95% of Saratoga Springs property owners pay their property taxes regularly. This is a stable source of revenue in the first quarter of our city’s fiscal year.”
Many of the city’s biggest revenue streams are not paid during the first quarter. These include VLT aid, county surplus distribution, NYRA admissions tax, state and federal aid, and mortgage tax. The quarterly report also does not include parking ticket revenue, due to an issue with a new vendor, Passport Labs, that is currently being solved.
Sales tax collected only includes revenues from January. Sales tax from February and March are distributed in April and May and are not included in the first-quarter revenues. However, the city does have a full update on first-quarter sales tax figures.
March 2022 sales tax is up over 20% from March 2021, an increase of over $200,000. The 2022 sales tax for the first three months of the year is 16% higher than the same period in 2021. Sanghvi notes that this is about $2.87 million more than the first-quarter sales tax from last year. She says, “I’m very pleased with the city’s first-quarter revenues. This is a strong start to 2022.”