Currituck occupancy tax collections up nearly 10 percent in fiscal year 2023

Currituck occupancy tax collections up nearly 10 percent in fiscal year 2023

June 2nd, 2023

Collections of the tax charged on hotel and motel rooms and vacation rental properties in Currituck County have risen almost 10 percent in the fiscal year that ends on June 30, continuing a rising trend that dates back as far as 2009.

During his presentation of the Fiscal Year 2023-24 budget for the Currituck County Tourism Development Authority on Tuesday, County Manager Ike Mcree said the county’s occupancy tax collections in FY 2022-23 were up 9.56 percent compared to the previous year.

“There is a further indication that rental unit numbers are returning to at least 2019 levels,” McRee told the authority, which is composed of the Currituck County Board of Commissioners.

It was noted during a brief discussion by board members and Mcree that while the number of properties and rooms being rented and people traveling to Currituck County is expected to decline from record levels set during and after the pandemic, the rates being charged this summer may offset any potential decrease in occupancy tax collections.

State law designates that funds from the six-percent occupancy tax be used for tourism-related expenditures (two-thirds of the fund) and promotion of travel and tourism to the county (one-third).

Through the first 9 months of the fiscal year, Currituck County had collected $17,564,980.08 from the lodging tax according to the most recent county Tax Department report.

The recommended budget allocates $4,540,126 for tourism promotion expenditures in 2023-24; and tourism-related expenditures of $2,932,57.
The budget also transfers $7,776,339 to other funds that Mcree said are tourism-related, including $4,823,591 for enhanced law enforcement and EMS services during the summer.

Further discussion on the proposed budget will take place at a work session on June 5, and then a public hearing a possible vote on June 19.

Video of Mcree’s full presentation:

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