Kokomo is experiencing an unexpected growth in its innkeeper’s tax. So far this year, the tax has brought in more than 5% above what officials anticipated. Howard County Treasurer Martha Lake says the increase is due to more people visiting Kokomo.
“There have been a lot of events scheduled here,” Lake said. ” I believe is the increase in people who are coming to use our hotels and motels. That is a good sign for us, because not only do they bring in the innkeeper’s tax, but also they visit other places here.”
Lake expects the city will continue to see increased tax revenues because several big conventions came to Kokomo last month. The city plans to use the extra money to pay down some of the bonds on the Kokomo events center and to make improvements and repairs at the facility.
“We are still paying mortgage for The Event Center, and that is not paid off yet,” Lake said. “So right now, we have a 5% rate, 2% goes to pay the mortgage, and 3% goes to fund CVB and its operation.
If the bonds are paid off early, officials plan to use the remaining money for marketing.