The United States of America is divided into 50 states which are further divided into several counties. There are a total of 3144 counties and country equivalents in the United States. Counties are geographical and political subdivision of the state with governmental authorities. State of Texas has a total of 254 counties while Delaware has only 3 counties. Let’s take a took at the top ten richest counties United States.
Counties contribute to the economy of the country and are home to some of the biggest companies in the world. The counties are ranked according to the population strength, land area, GDP, and the household income.
What are the sources of revenue for Local Governments and Counties?
Your County receive funding from several sources, but taxes provide most of the revenue. Local Governments or Counties do not have the authority to implement new taxes or increase existing taxes, other than the property tax. Counties may impose fees for services such as water provision.
Local governments had collected over $1.6 trillion of general revenue in the 2016. Revenue from property, sales, and other taxes totaled $677 billion, or 41 percent of general revenue. Intergovernmental transfers accounted for 36 percent of local general revenue in 2016.
Own Source of Revenues
- Local governments had collected $487 billion from property taxes in 2016, or 30 percent of local government general revenue. This was localities’ largest single source of tax revenue.
- Sales taxes provided local governments $118 billion (7 percent of general revenue) and individual income taxes accounted for $33 billion (2 percent). All other taxes—including corporate income taxes, hotel taxes, and business license taxes—provided $31 billion in revenue (2 percent).
- Charges and miscellaneous fees, such as water, sewerage, and parking meter fees collected by municipal or county governments, provided $369 billion (23 percent of local general revenue).
Where does the money collected by Local Government and Counties go and how it is spent?
Mostly, the revenues generated through taxes by local governments and counties are spent on education. It is the single biggest expenditure in all states, with the average state and the localities within it spending just less than one-quarter of its budget for public schools.
Funding for education comes primarily from the local school district budget, but most state governments give a great deal of financial and administrative support to schools. Other big budget items for state and local governments are the following:
- Public welfare
- Health care
- Police and fire protection
- Interest on debt
- Utilities and liquor stores
Each of these items is less than 10% of state and local expenditures in most states, but together they make up a good portion of the expenses.
Top Ten Richest Counties United States 2018.
- Loudoun County – With a population of 375,000, Loudon County, Virginia a suburb of Washington, D.C and is the wealthiest county in the United States with an estimated household median income of $117,876. The county is home to some of the biggest high-tech companies in the world and is the second largest employer in the US..
- Howard County – Having a population of 300,000, Howard county is a central part of the U.S. state of Maryland with a median household income is $108,844. Howard County is known for its affluent quality of life, and excellent schools.
- Fairfax County – Fairfax county has a population of 1.2 million and is located in the Commonwealth Virginia. With a median household income of US $115,717, it is the third richest county in the United States. 7 of the fortune 500 companies are headquartered in the Fairfax county.
- Hunterdon County – It is located in the western section of the state of New Jersey and has a population of 125,488. Hunterdon county is known for having the lowest level of child poverty in the United States. The median household income is US $113,684.
- San Clara County – It is California’s sixth most populous county with a total population of 1,781,642. With a median household income of US $111,069, the county of Santa Clara ranks number 5 on the list of top ten riches counties in the United States.
- Arlington County – Arlington County ranks sixth among the richest counties in the United States. It is located in the Commonwealth Virginia having a population of 230,050. The County has median household income of $110,388.
- Douglas County – Douglas County ranks seventh on the list of top ten richest counties in the United States with a median household income of US $109,292 and the population stands at approx. 285,465 people.
- San Mateo County – It is located in the State of California with an approx. population of 718,451. With a household income of $108,627, San Mateo County is the eighth richest county in the United States.
- Morris County – It is located in the State of New Jersey and ranks ninth on the list of top ten richest counties United States having a median household income of $106,985. As of 2017 census, the county’s population was approx. 499,693.
- Williamson County – It is located in the State of Tennessee and ranks tenth on the list of richest counties in the US. The total population stands at 205,226 with a median household income of $106,054.
List of top richest counties United States
|Rank||County||State||Median Household Income|
|4||Hunterdon County||New Jersey||$113,684|
|5||Santa Clara County||California||$111,069|
|8||San Mateo County||California||$108,627|
|9||Morris County||New Jersey||$106,985|
|11||Nassau County||New York||$105,870|
|12||Somerset County||New Jersey||$104,478|
|14||San Francisco County||California||$103,801|
|19||Prince Willian County||Virginia||$97,986|
The list is compiled based on the data from the US census bureau (https://www.census.gov/library/publications/2018/acs/acsbr17-01.html)
List of Top 5 Best Bank for Small Business in USA
Famous Quotes by Entrepreneurs
List of Top 15 Largest Banks in the world
Note: Advanton helps over 10,000 small businesses in the US generate 100% income every month with world’s strongest online presence, free business website, company emails and free success marketing for 365 days. Get started Free!
Leave a Reply