No Real Estate Tax Hike In Proposed 2018 Lower Merion Budget

LOWER MERION TOWNSHIP, PA – The proposed 2018 Lower Merion Township budget is looking good so far for property owners in the township, as it continues the trend of keeping real estate taxes level yet again.

The township released its 2018 proposed budget recently ahead of upcoming public hearings on the budget. The first will be held at about 7:30 p.m., Wednesday, Nov. 15 and the second will be at 6 p.m. Wednesday, Dec. 6.

In its current form, the budget maintains the 4.19 millage rate for real estate taxes in the township. Should the budget keep the 4.19 during discussions and when it is approved, it would mark seven years in a row of unchanged property taxes.

With the 4.19 millage rate, a home with an average value of $300,000 will pay $1,508 in real estate taxes.

Additionally, the budget does not include increased solid waste fees or sewer rental fees. Though officials said the sewer rental rate will be examined before adoption.

A vote to adopt the budget will be held at 8 p.m. on Wednesday, Dec. 20. The township will also vote on its 2018-2023 Capital Improvement Program that night.

While the entire proposed budget is available to review online here, the township provided some quick facts about the 2018 proposed budget:

• Revenue for 2018 is budgeted at $62.23 million, an increase of 1.6 percent compared to 2017, while 2018 Expenditures are budgeted at $65.44 million, an increase of 2 percent compared to 2017.
• With 2018 expenditures expected to exceed revenue by $3.2 million, there will be a required planned budgeted drawdown of fund balance, to balance operating revenue with expenditures.
• The 2018 Budget ending fund balance (undesignated) is estimated at $15.56 million, or 23.7 percent of the 2018 Budget Expenditures.

Image via Shutterstock