Mohave County residents will embrace a reduction in the Transaction Privilege Tax (TPT) at the stroke of midnight on December 31. A 20-year quarter-cent sales tax increment implemented by the Board of Supervisors in 1999 will sunset before dawn of the New Year.
Financial Services Director Coral Loyd said the quarter-cent tax generated almost $122-million by October of this year and that the 20-year total through December is projected at $123-million. The revenue has always been earmarked for capital improvement projects.
While remaining revenue from the sunsetting tax is dedicated to the current Courthouse, previous funds were used to construct the County Administration facility, the Sheriff’s Office, the Detention Center, Development Services and a portion of Public Works.
The Arizona Department of Revenue (ADOT) said approximately 10,000 businesses in Mohave County are responsible for reducing the TPT rate at the end of the year. The department has provided notice of the tax rate change through its monthly TPT newsletter and will update tax tables displayed on the agency website (www.azdor.gov).