Monthly Economic Report: Yearly Real Estate Tax Collections Fall Short


Audit Date: April 30, 2014

Audit Categories

  • Financial
Controller: Alan Butkovitz

Executive Summary


For Immediate Release
April 30, 2014

Contact: Brian Dries
215-686-8869

Yearly Real Estate Tax Collections Fall Short
City Controller’s economic report indicates annual collections
$13 million less than last year

March 2014 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly Economic Report that indicated Fiscal Year 2014 Real Estate Tax revenues were almost $13 million below what was collected last year during the same period.

From July through March 2014, Real Estate Tax collections recorded in the City’s General Fund totaled $492 million, compared to $505 million collected during the same months of Fiscal Year 2013. This includes current and prior year Real Estate Tax collections.

With the Real Estate Tax filing deadline March 31, the bulk of the total revenue for the year is collected during the months of January, February, and March. During this three-month period in the current year, revenue collections were weaker compared to last year, such as indicated in the following table:

January February March Total

FY13

$51.8

$315.6

$90.7

$458.1

FY14

$39.2

$293.4

$110.6

$443.2

Diff. -$14.9

amounts are in millions ($)

Additionally, when compared to the City’s General Fund projections as of Dec. 31, 2013, actual collections were also slightly below the anticipated mark.

Along with reviewing Real Estate Tax revenues, the City of Philadelphia’s non-seasonally unemployment rate for the latest reporting month was down from 10.1% in March 2013 to 8.0% in March 2014. Total City employment was up 3,400 compared to a year ago.

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