It’s nearly time for the Madison County government and municipal representatives to renew Local Option Sales Tax (LOST) allocations.
LOST is a one-cent tax levied on every dollar spent in Madison County. Unlike the special purpose local option sales tax (SPLOST), which must be used on specific projects in the county, LOST is used on government’s general operations.
Years back, the state legislature approved the creation of LOST to help local governments keep property taxes down. So, LOST funds are raised in counties and divided between various government entities. Those county and city governments then use that sales tax money in their general funds. And, thus, some of the burden on property taxpayers is lessened by the penny tax on sales.