The City collected approximately $297.9 million in General Fund tax revenue in February of 2022, compared to $251.5 million in February of 2021, an increase of approximately $46.4 million for FY2022, or 18.4%. Some of that increase continues to be attributable to lower-than-usual collections last February due to the COVID-19 Pandemic. Despite a $9.7 million (7.3%) decrease in the City portion of the wage, earnings, and net profits taxes and a $933,485 (6.6%) decrease in the business income and receipts (BIRT) taxes, collections for every other major tax category increased: Real estate taxes by $8.2 million (13.3%), realty transfer taxes by $45.8 million (251.7%) and City sales taxes by $3.2 million (21.3%). The increase in realty transfer collections is partially due to the City’s processing of backlogged real estate transactions. Other miscellaneous taxes showed a decrease as collections that were previously uncategorized in prior months due to a tax revenue system switchover have been distributed into the correct categories.
For the full report click here
For past reports click here