May FY2023 Tax Collections Decrease by 3.8 Percent Compared to May FY2022

The City collected approximately $330.8 million in General Fund tax revenue in May of FY2023, compared to $343.7 million in May of FY2022, a decrease of approximately $12.9 million, or 3.8% according to preliminary collections figures. The decrease in revenue receipts for May of FY2023, is largely due to a decrease of $4.9 million, or 49.5%, for Real Estate Tax and a decrease of $30.0 million, or 55.0% for Realty Transfer Tax compared to last year. However, a backlog in processing Realty Transfer remittances in FY2022 has skewed month-to-month comparisons. The decrease in Real Estate Tax revenues is largely attributable to timing of receipts. These decreases were partially offset by a $16.8 million, or 24.8% increase in the City portion of Wage, Earnings, and Net Profits taxes.

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