2 months ago Those changes were approved as part of the overall budget and five-year plan approved by City Council in June. The tax incentive was known to help the city’s cash flow, but not enough to keep it. The mayor’s office projects that eliminating the discount will increase city revenues by about $6 million in fiscal year 2021. Those additional funds will go to the general fund. The change also affects the Philadelphia School District’s portion of the real estate tax, leading to $7 million in additional funds to support education, officials said. Before the pandemic, paying before the last day of February meant getting the 1% discount. Real estate taxes are due March 31. The Department of Revenue usually mails real estate tax returns in December.