Sales
Tax
The local sales tax rate is 2.0%. Combined
with the 6.25% rate for the State of Texas, the total sales tax
rate in the City of Sherman is 8.25%. This tax provides over $11,800,000
to the General Fund. Part of the rate, 1/8th of a cent, is restricted
by law to be used solely for street improvements in the city.
Estimated receipts from the additional tax are expected to generate
approximately $1,000,000 annually. This additional 1/8th of a
cent tax will expire on March 31, 2012. The sales tax rate also
provides approximately $2,900,000 annually to the Sherman Economic
Development Corporation to attract and retain employers.
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