Vehicle Excise Revenue to go down

According to the December 2007 'City and Town' publication from the MA Department of Revenue, localities are going to take another hit this year in reduced revenue. With cars lasting longer and with folks holding on to them longer in a weaker economy, the taxable value base for local vehicle excise tax is decreasing, after a peak in 2006. In 2007, the statewide value base decreased by 4.89%. In 2006, Amesbury collected $1,736,714 in excise tax. A 4.89% reduction in this would be: $1,651,789, which is a loss of about $85,000 in revenue. This will be an added pressure as we look at our next budget.