$2 Million Drop In Reading Revenue Predicted

Reading’s outside consultants told City Council on Monday that total city revenues likely would drop by $2 million from 2013 to 2017, largely because of shrinking property tax money and a recovery plan calling for cuts in the earned-income tax rate.

The property tax, at $18 million, and the earned-income tax, at $13 million, are the two largest city income sources, said Gordon Mann, senior consultant with Public Financial Management Inc., Philadelphia, which is leading the state-hired Act 47 financial recovery team.

He said the problem with the property tax is that assessments essentially are flat, but about a half-percent of city properties go tax exempt each year.

More than 30 percent of city properties now are tax exempt.

Read more:  http://readingeagle.com/article.aspx?id=415184

One comment on “$2 Million Drop In Reading Revenue Predicted

  1. Pingback: $2 Million Drop In Reading Revenue Predicted | Flash Travel & Tourism News | Scoop.it

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