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In the News: Real Estate Transfer Tax revenue doubles from 2012-2016

Philadelphia Inquirer: City tax revenue jumps

By Claudia Vargas | August 2, 2016

The city's coffers received an estimated $3 billion in tax revenue, $88 million more than expected, for fiscal year 2016.

The added cash was a result of an increase in home sales and job growth, according to the city controller's monthly economic report, released Monday.

The report looked at June and also at the full fiscal year, which ended June 30, and compared it with five years prior. Since 2012, city tax revenues have increased 17 percent.

"The overall economic growth in Philadelphia has been the primary driver for the increase in city tax revenues," Controller Alan Butkovitz said in a statement. "Job gains and profitability have boosted wages and earnings, and the surge of home sales has generated record-setting collections for realty transfer taxes."

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