Big Jump Projected in Real Estate Revenue for County
The 2018 comprehensive fiscal plan for Allegheny County–containing the operating budget, capital budget, and various longer term forecasts–shows a significant increase in real estate revenue for the County in 2018 from $359 million this year to $371 million next. There are several components of real estate revenue (discounted, if the taxpayer pays before March they receive a 2% discount on the total tax bill, delinquent, liened, and penalty and interest for all components, detailed on page 11 of the operating budget).
In the budget’s “Comparison of Estimated Countywide Revenue, By Object and Character Levels” (see page 11 of the operating budget) the category of “Real Estate, Discount” is projected to be $351.2 million next year, an increase of $11 million over this year’s budgeted amount of $340.1 million. In the years since 2014 the real estate discount category has increased by $2.7 million, $1.2 million, and $5.7 million, year over year.
In 2014 the real estate discount revenue total was $330.4 million, an increase of 6%. The taxable assessed value for the County has not yet been certified for 2018, but from 2014 to 2017 it increased 4%. Since the County projects $371 million in real estate revenue (that is the sum of all discount, current, delinquent, liened, etc. less the total amount for homestead exemptions) overall for 2018, that would imply a taxable value of around $78.4 billion.
Property taxes account for 80% of the total tax revenue collected by the County with taxes on alcohol, rental cars, and a share of the 1% local option sales tax making up the remainder.