Philadelphia is dealing with a multimillion dollar tax revenue shortfall.
In his monthly economic report, Philadelphia City Controller Alan Butkovitz revealed the city is down $16.5 million below projections for the current fiscal year. Contributing to the shortfall were a lower number of city wage tax revenue, sales tax and real estate taxes, Butkovitz said.
The report also found the drop in real estate could be attributed to a decline in home sales over the month of January.
During the month, 719 homes were sold across the city – a 8.5 percent drop, according to the controller.
The highest number of homes were sold in South Philadelphia followed by Fishtown and parts of the Lower Northeast.
