Despite a frail real estate market nationwide, the District nearly doubled its property tax haul in July compared to the same month in 2006, putting the city on pace for a stunning increase in tax collections this year.
Through July, D.C. collected $778.3 million in real estate taxes for fiscal year 2007, a 29 percent jump over the $602.5 million garnered during the same 10-month period last year. The District took in $60.5 million in July alone, up 92 percent over July 2006.
All told, the city expects to collect about $100 million more in fiscal year 2007 than Chief Financial Officer Natwar Gandhi predicted in his most recent revenue projections, released in May.
Gandhi is likely to make that announcement sometime next week, according to sources in his office. The bonus cash should ease the impending fiscal troubles in several government programs, among them financing basic school repairs and keeping the D.C. Healthcare Alliance afloat.
D.C.’s good news comes as neighboring Virginia and Maryland are struggling with major budget troubles.
But District officials warn that the good times are coming to an end as home sales quiet and foreclosures soar.
Read more in tomorrow’s Examiner.
