- Associated Press - Monday, August 1, 2016

PHILADELPHIA (AP) - Officials say Philadelphia tax revenues have increased more than 17 percent from five years ago, aided by a big jump in home sales in recent years.

Controller Alan Butkovitz said his monthly economic report released Monday indicates that general fund tax revenues totaled more than $3 billion for the 2016 fiscal year.

The preliminary figure represents a $430 million increase over the $2.57 billion collected in fiscal year 2012.

Surging home sales meant an almost doubling of the realty transfer tax collections - levied on the sale or transfer of real estate - from $119 million to $236 million. Most of the home sales occurred in south Philadelphia and lower northeast Philadelphia neighborhoods.

The city wage and business income tax categories posted increases of 16 percent and 28 percent, respectively.

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