Graph: Top 10 Philadelphia ZIP codes for home sales in City Controller Alan Butkovitz report
A budget report released by city controller found that even as the city’s property market remained strong with 719 home sales in January alone, there was a shortfall among revenue projections over the past seven months with lower than expected sales revenues.City Controller Alan Butkovitz’s monthly economic report, based on data through January 2014, found city tax revenues $16.5 million lower than budget projections for the seven-month period from July 2012 to January 2014.
The calculated dip below projected revenues was $16.5 million, according to the report. Projected city tax revenues for the seven-month period were over $1.2 billion but came in at just below $1.19 billion instead.
The report found 719 home sales in the month of January, which is 8.5 percent less than a year previous in January 2013.
But home sales are continuing in Philadelphia, with the ZIP codes in Southeast Philadelphia and Northeast Philadelphia leading the pack.
The top two ZIP codes are both in South Philly — 19147 and 19146 — including Point Breeze. The number three and four top spots for home sales were ZIP codes 19134 (Kensington) and 19125 (Fishtown).
Tax revenues for the month of January 2014 totaled $264.2 million. Wage/Earnings/Net Profit Tax (NPT) revenues reportedly accounted for $174.4 million of that revenue.
Butkovitz’s report cited the following revenue shortfalls and surpluses in several areas.
City revenue variations
-Wage/Earn/NPT, -$7.5 million
-Real Estate, -$5.4 million
-Realty Transfer, -$2.2 million
-Sales Tax, -$2.4 million.
-Business Income and Receipts Tax, +$1 million
Read Controller Butkovitz’s full report here.
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