How Will Radnor Taxes Look in 2014?

Radnor Township's administration is recommending a 2014 budget that would keep the real estate tax millage rate at the same rate as 2012 and 2013.

According to the proposed budget document, the primary reason for the township’s recent excess fund balances has been the growth of the business privilege taxes, which are paid on gross revenues for one year. For 2014, the township if forecasting $8,140,484 in revenues from the BPT, which would be a 7.5 percent increase over the previous year.

In July 2013, the Board of Commissioners agreed to enter into a settlement agreement with a taxpayer to resolve past tax obligations in the amount of $8 million. On October 28 the Board of Commissioners adopted a resolution to allocate the $8 million to a variety of places including pension payments and the 2014 Capital Plan.

The budget document, which you can find here, also makes note of a 2.75% wage increase for all employees except for the township manager and those employees who are still in their probationary period.    

The 2014 budget also includes funding the full amount of the Township’s Minimum Municipal Obligation (MMO).

"This expense continues to grow at an alarming rate, which is diminishing the township’s resources for other aspects of the budget," the document reads. "Without the strength of the business tax base, the required real estate millage to cover would be a major issue in the budget process."

The proposed purchase of 71 acres of the Ardrossan Estate for $11.6 million would have no impact on the township’s 2014 budget. Read when and how the purchase could impact tax payers here.