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• a mr <br />Sales and Use Taxes <br />Sales and use taxes represent the largest source of tax revenue to the City. <br />A sales tax is imposed on retail sales or consumption of personal property. The tax rate <br />is estat lished by :he State Legislature. Effective January 1, 2002, the aggregate tax rate in the <br />State became 7.25%. -An additional 1% is collected in San Mateo County for transportation <br />purposes. The State collects and administers the tax, and makes distributions on taxes <br />collected within the City as follows: <br />CITY OF REDWOOD CITY, CALIFORNIA <br />Sales Tax Rates <br />State General Fund .............. ............................... ..........................6.00% <br />LocalRate ......................... ............................... ...........................1.25 <br />San Mateo County Transportation Authority ...... ...........................0.50 <br />San Mateo County Transportation Transit District ......................... <br />Total............................... ............................... ..........................8.25% <br />The State's actual administrative costs with respect to the portion of sales taxes <br />allocable to the City are deducted before distribution and are determined on a quarterly basis. <br />Sales Tax revenue collected by the State is directly deposited monthly to the City's General <br />Fund. <br />Total taxable transactions reported in the City during the first three quarters of calendar <br />year 2002 amounted to $1,054,944,000, a 15.1% decrease over the total taxable transactions of <br />$1,242,640,000 that were reported for the first three quarters of calendar year 2001. A <br />summary of historic taxable sales within the City for the past five years for which data is <br />available is shown in the following table. <br />[To come from City, comments on reduction in Sales Tax ?] <br />-32- <br />CITY OF REDWOOD CITY <br />Taxable Retail Sales <br />Number of Permits and Valuation of Taxable Transactions <br />(Dollars in Thousands) <br />Retail Stores <br />Total All <br />Outlets <br />Number Taxable <br />Number <br />Taxable <br />of Permits Transactions <br />of Permits <br />Transactions <br />1997 <br />654 $829,614 <br />2,272 <br />$1,243,687 <br />1998 <br />688 873,262 <br />2,248 <br />1,395,600 <br />1999 <br />752 1,022,765 <br />2,296 <br />1,572,666 <br />2000 <br />794 1,205,497 <br />2,278 <br />1,931,727 <br />2001 <br />800 1,057,252 <br />2,182 <br />1,611,644 <br />Source: <br />State Board of Equalization <br />[To come from City, comments on reduction in Sales Tax ?] <br />-32- <br />