Philadelphia Experiences Tax Revenue Shortfall

By NBC10.com Staff
|  Friday, Feb 28, 2014  |  Updated 7:44 PM EDT
View Comments (
)
|
Email
|
Print
Philadelphia Experiences Tax Revenue Shortfall

AP

Philadelphia City Hall

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.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
10 Questions With
We sit down with some of the... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out