The District’s number crunchers expect this year’s sales and income tax revenues to increase, but steep decreases in real estate-related revenues will pull down the overall revenue growth.
Real property tax revenue is expected to drop by just under 13 percent for the 2011 fiscal year, which ends June 30. Deed tax revenue is also expected to drop by 8.4 percent, according to the November Economic Indicators report.
Meanwhile, income tax revenue is expected to increase by 5 percent and general sales tax revenue could rise by 3.1 percent this year, the report said.
Overall, tax revenue is expected to be down 3.3 percent this year.
Mayor Adrian Fenty recently proposed massive cuts to fill the District’s $188 million budget gap.
