Montgomery County cuts staff to reduce $53.5 million spending gap

Continuing their efforts to reduce the $53.5 million budget shortfall, Montgomery County recently cut four Parks and Heritage middle management positions and five food service workers at the Human Service Center. All of the positions have been eliminated. The duties performed by the park administrators will be transferred to other department employees once they leave on Nov. 27. County commissioners are considering pay freezes, employee health care premium contributions and more layoffs to continue the reduction of the budget gap.

Montgomery County Board of Assessment Appeals proposes earlier filing deadline

The Montgomery County Board of Assessment Appeals has requested county commissioners discuss an earlier filing deadline for residents and businesses wishing to file a property tax assessment appeal. Currently, assessment appeals must be filed by Sept. 1 with all hearings to be completed by Oct. 31. Due to the downturn in the economy and real estate values, the county has seen 3,638 assessment appeals, which is more than twice the number for 2008. The Assessment Appeals office has requested that the deadline for appeals change to Aug. 1. County commissioners will continue the discussion at a later date.

Lower Providence Township reduces budget spending for 2010

The preliminary budget presented to the Lower Providence Board of Supervisors included no real estate tax increase and a decrease in expenditures over the 2009 budget. The cost cutting measures included two layoffs and five early retirements, as well as implementation of cost cutting measures for every department. The Lower Providence real estate tax millage of 1.512, has remained the same since 2004 and reflects an average tax bill of $248.69 based upon an average home assessed at $164,478. The preliminary budget will be submitted at the Nov. 5 supervisors meeting with final adoption scheduled for Dec. 3.

New zoning and building regulations approved for Garrett Hill

In October 2007 about 60 Garrett Hill residents stormed into Radnor Township’s offices demanding they be part of a proposed plan to change the zoning and subdivision regulations for their small enclave. In October 2008 a scheduled vote on proposed changes that a steering committee of residents crafted was delayed due to concerns by members of the business community that their properties would be negatively affected.

One year later, on Monday night, Radnor’s Board of Commissioners voted to

Easttown residents oppose ‘nuisance taxes’

Facing a forecasted operating deficit of as much as $1 million for 2010, Easttown Township has been exploring the implementation of one or more Act 511 taxes (often called “nuisance taxes”), including an earned income tax — an unpopular revenue-generator in Southeastern Pennsylvania. Many of the 250 residents who attended the township supervisors meeting told the board that it should consider cuts before raising existing property taxes or implementing new taxes. According to numbers generated by tax-collection companies, the township estimates that a 1 percent Earned Income Tax could generate more than $3 million in 2010. However

Smith Farm agreement approved in West Bradford Township

West Bradford supervisors recently approved an agreement for the Smith Farm development plan. The agreement will allow for a 125-home development and preservation of the existing cattle farm.

Gay Street Bridge to reopen in Phoenixville

The Gay Street Bridge in Phoenixville has received a facelift and a soon-to-be new name – the Veterans Memorial Gay Street Bridge. The bridge, due to be reopened Oct. 16, has been under construction since April 2008. Both pedestrian and vehicular travel will be restored between downtown Phoenixville and North Side. Just in time for the Firebird Festival.

Radnor discusses tax hike and curbside trash pickup for 2010

Radnor Township’s interim manager, John Granger, has seen a recent decrease in the initial large deficit projected for 2010, but states that the decrease is not enough to balance the budget without a real estate tax increase. Also being discussed are trash pickup options. Radnor has offered back yard trash pickup free of charge for many years, but that may be on the chopping block as the 2010 budget discussions continue. The next Board of Commissioners meeting is scheduled for Oct. 26 at 7:00 p.m. in the township’s municipal building, 301 Iven Avenue, Wayne , PA 19087.

Easttown Township to explore earned income tax as revenue option

On Monday, Oct. 19, at 8:00 p.m., the Easttown Township Board of Supervisors will be presented with information on Earned Income Tax and other Act 511 taxes by the Pennsylvania Economy League. The meeting is to be held at the Beaumont Elementary School, 575 Beaumont Road, Devon, and is open to the public. Easttown Township is facing a budget deficit for 2010, in part due to declining real estate transfer tax revenue, salary increases and an increased pension contribution. An ad-hoc budget committee was created at the Oct. 5 Board of Supervisors meeting with the intent of looking at the budget with an independent set of eyes and varied expertise. The members include a forensic accountant, business consultant, marketing professional, Realtor and tax attorney. The committee is seeking people of other professions to assist in reviewing the budget and proposed changes. Click here for the public meeting notice.

Norristown presents preliminary budget

The 2010 preliminary budget for Norristown includes a 7.5 percent real estate millage increase, a residential trash collection fee and a gross receipts tax on parking lots.

Approval granted for Ardmore Station project agreement

Approval was granted for the agreement between Lower Merion Township and Dranoff Properties to develop the Ardmore Station area. The 30-page document lays out the formal, binding terms of responsibility, progress dates and termination circumstances. The 8-3 vote came on Sept. 30 after much negotiation in a somewhat rushed move for approval. The push came due to the need for a firm relationship before submission of a PennDOT grant application to obtain federal stimulus money.

New “Reg. Z” Rules Could Slow Closings

Starting tomorrow, July 30, you could see transactions slowed as lenders try to navigate changes to rules (”Reg. Z”) on consumer disclosures under the Truth in Lending Act (TILA). By being aware of new time pressures lenders are under, you can help your clients understand what’s going on if transactions you’re working on get delayed prior to closing.

Here’s what’s happening under these “Reg. Z” changes:

Investor Report: Condo Loan Rules

Investor Report: Condo Loan Rules

by Kenneth R. Harney

FHA has come out with its long-awaited rules on condominium loans, and they’re a mixed bag for investors, second home and other buyers and sellers.

HUD: Tax Credit Can Be Used on Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can

Homes May Be Undervalued Today

After dropping for two years, home prices appear to be bottoming out, and any further declines would be an overcorrection, NAR Chief Economist Lawrence Yun told thousands of practitioners at the REALTORS® Midyear Legislative Meetings in Washington, D.C., on Thursday.