Philadelphia Experiences Tax Revenue Shortfall

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    NEWSLETTERS

    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.