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Sales Tax, Home Sales Good News for County
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FOR
IMMEDIATE RELEASE
Contact: Brittany Schmigel, (330) 725-9756
Date: December 21, 2011
County Auditor Michael Kovack announced sales tax collections and
real estate data indicate Medina County’s economy is on the mend.
Kovack said the county’s sales tax collections for the year may be
on pace to surpass record collections in 2007. “This is a very clear
signal that economic conditions are certainly improving in Medina
County,” Kovack said.
To date, Medina County has collected $8,119,032 in sales tax
revenue. This represents purchases made in the county of over $1.62
billion, or $100 million more than was spent at this point in 2009.
During this time in 2007, the county had collected $8,105,330 in
sales tax revenue.
While sales tax data was comparable with national figures, the real
estate data stood in stark contrast to the reporting of other areas.
For the past five months, Medina County real-estate conveyances have
outpaced 2010 sales by 26 percent. Since July, 707 units were
conveyed, compared to the 561 units conveyed during the same period
in 2010. The average sale prices are nearly identical when comparing
2010s sale price of $170,494, with today’s sale price of $170,849.
For four of the last six months, home inventories in Medina County
have also been lower than 2010 figures.
“While these numbers are far from the heights of 2007, they are
moving in the right direction,” Kovack said. “Medina County is
coming out of the recession earlier than some other areas of
Northeast Ohio. Our strengths in education, transportation and lower
taxes are very strong drivers for not only consumers, but for people
looking to make a home in Northeast Ohio.”
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