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Norwood sees modest earnings tax growth in 2024; committee adopts conservative 2025 estimate of $22.75 million
Summary
Finance staff reported a 2.6% year-over-year increase in earnings tax receipts for 2024, with individual filings up 17% and net profit receipts down from 2023. Staff proposed a five-year forecast that sets 2025 earnings tax estimates at $22,750,000 and projects a reduced net profit estimate of $4,250,000.
Finance staff presented a comparison of 2024 earnings tax receipts with 2023 and proposed estimates for 2025 through 2029 as part of the Financial Recovery Plan (FRP).
Staff reported a year-over-year increase in total earnings tax receipts of about $584,000, a 2.6% increase from 2023. Individual filings increased by roughly $241,000 (about 17%), which staff attributed in part to a postcard filing campaign and improved compliance using tenant…
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