City Records Five Percent Tax Growth Through April
Strong April Collections Spur Growth in Almost All Major Taxes
Year-to-date collections through April show increases in all major General Fund taxes except real estate taxes, pushing City tax growth to five percent in FY2017. Totals show a five percent increase in the City portion of wage, earnings, and net profits taxes, a 5.5 percent increase in business income and receipts (“BIRT”) taxes, and an 11.8 percent increase in sales tax. Real estate taxes grew by only 1.4 percent, compared to projected growth of two percent—the only major tax to underperform compared to last year’s totals. The real estate transfer tax fell by one percent, compared to projected decrease of 1.9 percent. Amusement, parking, and other General Fund taxes all grew by 9.9 percent, 4.9 percent, and 3.1 percent, respectively.
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