April FY2023 Tax Collections Decrease by 11 Percent Compared to April FY2022

The City collected approximately $730.2 million in General Fund tax revenue in April of FY2023, compared to $820.0 million in April of FY2022, a decrease of approximately $89.7 million, or 10.9% according to preliminary collections figures. The decrease in revenue receipts for April of FY2023, is largely due to a decrease of $56.6 million, or 31.7%, for Real Estate Tax and a decrease of $50.8 million, or 71.2% for Realty Transfer Tax compared to last year. However, a backlog in processing Realty Transfer remittances in FY2022 has skewed the month-to-month comparisons. The decrease in Real Estate Tax revenues is largely attributable to timing of receipts. These decreases were offset by a $21.3 million, or 14.2% increase in the City portion of Wage, Earnings, and Net Profits taxes.

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