March FY2023 Tax Collections Increase by 14 Percent Compared to March FY2022
The City collected approximately $752.1 million in General Fund tax revenue in March of FY2023, compared to $658.7 million in March of FY2022, an increase of approximately $93.4 million, or 14.2% according to preliminary collections figures. The increase in revenue receipts for March of FY2023, is largely due to an increase of $141.8 million, or 41.0%, for Real Estate Tax and an increase of $2.2 million, or 4.6% for Business Income and Receipts Tax. The increase in Real Estate Tax revenues is partially attributable to timing of receipts, as well as the year-to-year increase in assessed values. This increase was offset by a $51.6 million, or 70.9% decrease in Realty Transfer Tax, however, a backlog in processing these remittances in FY2022 has skewed the month-to-month comparisons.
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