Full Year of COVID-19 Pandemic Shows Decreases in City Tax Revenues by 11%

The City collected approximately $643.1 million in General Fund tax revenue in March of FY2021, compared to $382.7 million in March FY2020, an increase of approximately $260.4 million, or 68.1%. The considerable total monthly increase was driven by a $320.0 million increase in the real estate tax, the likely result of the elimination of the 1% early payment discount—thus shifting the bulk of payments from February, to the month in which the tax is due (March 31). Both realty transfer and City sales taxes had their worst month yet in March, decreasing by 55.9% and 25.7% respectively, as shown in Table 1. Only business income and receipts (“BIRT”) and other miscellaneous taxes increased slightly in the month.

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