March 2016 Economic Report

Tax revenues (City & PICA) for March  totaled almost $356 million, which is a less than two percent decrease compared to last March. A breakdown of the total revenues included $344 million into the General Fund and $11.5 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $145 million, an almost six percent decrease over the same month last year. Yearly revenues totaled $1.34 billion, a four percent increase over FY2015.

Monthly sales tax revenues for March totaled $9.6 million. This is a 12 percent decrease over the same month last year.  Yearly revenues totaled almost $123.5 million, which is a less than two percent decrease over last year.

Along with reporting the tax revenues, the City Controller’s economic report reviewed the City of Philadelphia’s latest round of property assessments for 2017, increasing  the City’s total property value by $2.2 billion.  The increase in value is overwhelmingly due to the upward reassessment of land values.  

As a result, Real Estate Tax revenue is expected to increase for the City’s General Fund and the School District of Philadelphia of $14 million and $17 million, respectively.

The largest land value increases occurred in neighborhoods such as Queen Village, Pennsport and Bella Vista, where the land assessment of the average parcel increased by more than $41,000.  Other increases occurred in the Fairmount area and the majority of Center City.  The largest decreases occurred in Chestnut Hill and West Mount Airy, falling by more than $43,000 and $27,000, respectively.

Overall, 36,778 properties realized an increase, which resulted in 35 of the City’s 50 zip codes to have an average increase in real estate taxes.  Fourteen zip codes realized a total decrease and one remained unchanged.

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