Tuesday, October 13, 2015

Recovery sign? Philly wage, profit taxes at five-year high

City controller Alan Butkovitz says Philadelphia city wage, salary and net-profits taxes have recovered to spring 2006 levels

Recovery sign? Philly wage, profit taxes at five-year high


Philadelphia city wage and net-profits taxes totalled $156 million in January, highest since May 2006, says city controller Alan Butkovitz.

But Butkovitz also warned real estate sales fell 9%, to around 10,800, which will likely cut transfer tax revenues and be reflected in lower home appraisals and future real estate taxes.

The busiest neighborhoods for home sales were in South Philadelphia (zip codes 19146,-7,-8) and parts of the lower Northeast (19124, 19149).

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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