Rapid City’s April tax revenue shows impact of inflation
RAPID CITY, S.D. (KEVN) - Rapid City’s tax revenue for April showed signs of returning to increases prior to last year’s exponential growth. April brought nearly $2.9 million, up 7% from a year ago.
While 2021 proved to bring in above-average revenue at around 19% over the previous year, 2022 is similar to years like 2019, where growth year over year was around $200,000. The 7% gain is just shy of the 8.3% inflation, and like years before April shows a dip in tax revenue. As the city looks to the summer, businesses are saying numbers are consistent, but how willing are people to open their wallets?
“Now we’re kind of settling back to Earth, the rocket’s coming back down to Earth if you will. We’re starting to see that 100 to 200,000 dollar increase over last year’s period. So again, a little bit more of what we used to see on a routine basis,” said Darrell Shoemaker, spokesperson for Rapid City.
As tax growth settles, January to April growth is still $2.5 million over the same time in 2019.
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