Strong Real Estate Tax Collections Drive 14% Increase in March Collections

Total Year-to-Date Collections Increase by 4.2 Percent Over Last Year

The City collected approximately $382.0 million in General Fund tax revenue in March 2019, compared to $334.6 million in March 2018, an increase of 14.2 percent, according to preliminary figures. Notably, real estate tax collections totaled $145.3 million, $30.6 million more than in March of last year, for an increase of 26.6 percent. This increase, along with increases in most other major tax categories, resulted in a year-to-date increase in total collections of 4.2 percent—more than double the City’s projection of 2.2 percent. Considerable increases for March were also seen in the realty transfer (23.8 percent), business income and receipts (“BIRT,” 11.1 percent), and total wage, earnings, and net profits taxes (5.9 percent). The only tax categories to decrease in March were the City sales and parking taxes.

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