For Immediate Release
April 25, 2017
Contact: Brian Dries
Real Estate Tax Revenues Post Yearly Increases
City Controller’s latest economic report examines collections over last four years
PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly economic report that indicated yearly Real Estate Tax Revenues increased by $92 million, or eight percent, from yearly collections four years ago.
For the current Fiscal Year 2017 (FY2017), $1.20 billion was collected compared to $1.11 billion collected during the same period in FY2013. With a March 31 deadline, the bulk of Real Estate Tax revenues are collected from January through March.
The total amount collected from July through March by fiscal year includes the following:
For the city to reach its FY2017 budgeted projection, monthly collections will need to meet the estimated amounts for the remaining three months, or a combined total of $44 million. The City of Philadelphia collects and records 45 percent of the tax into its General Fund and remits 55 percent to the School District of Philadelphia.
In addition to analyzing the latest Real Estate Tax revenues, the economic report indicated that monthly sales tax collections for March totaled $11.4 million, a 19 percent increase over March 2016. Yearly Sales Tax collections have totaled almost $140 million. Home sales across the city totaled 1,333, posting a 13 percent increase over last March.