5 Things I Learned About Philly.

1. The Wage Tax is collected on Philadelphians’ employment income and is the City’s largest revenue source.

2. Minor taxes include the 5% Amusement Tax collected on admission to special events, movies, or concerts, and the 20% Parking Tax on parking in a City garage.

3.Philadelphia, like all cities, receives a portion of its operating budget via state and federal aid. Most of this money is specifically earmarked for certain departments and/or programs.

4.Property Taxes in Philadelphia are low by big city standards, and the assessment system is highly controversial. At present, the City levies an annual 8.26% tax, but assesses real estate at just 32% of its market value. And market values are actually pegged at just 70% of resale values. Thus, in reality the property tax is approximately 2% of a property’s actual value.

5.Philadelphia, like all cities, receives a portion of its operating budget via state and federal aid. Most of this money is specifically earmarked for certain departments and/or programs.