Metro Philly 'Bricks and Sticks'

Although the total amount has declined in recent months, the Montgomery County Recorder of Deeds collected more real estate transfer tax revenue than any other county in the state of Pennsylvania. The Recorder of Deeds collected $74.9 million in transfer taxes in the past fiscal year, which is good news for homeowners as it points to property values holding steady in Montgomery County.

Newtown Township supervisors got their first look at the 2010 preliminary budget, which included a 46 percent property tax hike. The 2.5 mill increase Read the rest of this entry »

Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the options of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it will only add to the mushrooming losses at the company, which has received billions in taxpayer money. The new “Deed for Lease” program allows homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that. It also helps to save money because the lender does not need to complete the often lengthy and time-consuming foreclosure process. Fannie Mae executives said the rental program is designed to help delinquent homeowners who do not qualify for a loan modification, but still want to stay in their home. Click here for more information.

Upper Makefield supervisors got a first look at the proposed budget for 2010 which includes the possibility of a 14 percent tax increase or 2 mills. The increase is necessary to offset falling revenues from earned income tax, permit fees and real estate transfer taxes. The average home assessed at $72,426 would pay an additional $144.85 per year in real estate taxes. Upper Makefield supervisors discussed various options for reducing or eliminating the need for a millage increase, including salary freezes and a more realistic revenue forecast. Click here for more information about the proposed budget and meeting dates.

After nine years with only one tax hike of about 2 percent, the Upper Providence Township is proposing a 48 percent increase. The preliminary budget approved by council shows a total tax rate of 4.629 mills, 1.501 mills more than last year. For an assessment of $250,000, taxes rise from $782 to $1,157. Township Manager Edward Cashman presented Read the rest of this entry »

North Coventry Township Supervisors voted in favor of beginning the process of creating a township-owned and -operated public well water supply. The decision paves the way for the North Coventry Water Authority to seek out all necessary permits and begin development of a municipal well. No location has yet been selected for placement of a well. However, the township had earlier identified three potential sites, and now the water authority will need to select one. Any site chosen will need to be tested to determine its yield and its effect on neighboring wells. The potential sites include one at the corner of Route 100 and West Cedarville Road — directly across from Town Square Plaza. A second site was recommended on Laurel Locks Farm, and a third in Kenilworth Park. Currently, about 25 percent of township residents use public water, which the township purchases from the Pottstown Water Authority. That water is drawn from the Schuylkill River. The supervisors’ decision to create a township well won’t completely change that, as well water must be supplemented by borough water in order to ensure an adequate supply. The North Coventry Water Authority has argued that by having a municipal well, the township will be able to better control rates and water quality for residents.

West Chester Borough Council’s finance committee Monday recommended council adopt a preliminary 2010 budget that calls for a 3.4 percent property tax increase. The preliminary budget would cause the average borough homeowner’s tax bill to rise to $689, an increase of $23 over last year’s average, officials said.

The average single-family home in the borough has an assessed value Read the rest of this entry »

The 2010 preliminary budget for Chalfont Borough includes a half-mill increase in real estate taxes. Taxes would increase to 10.25 mills, bringing the tax bill to $310 for the average assessed home of $30,247. Home sales have slowed, causing a $21,000 shortfall in revenue from the real estate transfer tax. Budget discussions will continue, please see the borough website for meeting information.

At the Nov. 9 budget workshop, Norristown Council cut over $200,000 from the 2010 preliminary budget to possibly eliminate a proposed real estate tax increase. The preliminary budget now holds the tax rate at 10.6 mills, which translates to $950 on the average assessed property values at $89,623. The 2010 budget does include a new $150 yearly trash collection fee for individual homeowners and a 13% gross receipts tax on parking lot revenue. The final budget adoption meeting is scheduled for Dec. 15.

About 40 residents packed borough hall recently to voice their displeasure with a proposed retail center developers are hoping to build on a 35-acre lot along Springfield Road. Metro Development has proposed Read the rest of this entry »

Commissioners took their first look at the preliminary 2010 budget, which showed a possible real- estate tax increase of 20 percent, 3.58 to 4.3 mills. The hike would be $144 for a property assessed at $200,000. The $13.5 million proposed general fund, nearly 50 percent of which is composed of payroll and health care, contains unknowns such as health care rates and the results of the police and nonuniformed contracts.

A collaborative effort between Bryn Mawr Hospital, Radnor and Lower Merion Townships will makeover the dangerous “five point” intersection of Glenbrook Ave., County Line Rd., and Bryn Mawr Ave. Area merchants are not happy with the plans, which local officials say are necessary to protect the public. The area has seen over 27 accidents in the past three years. Bryn Mawr Hospital has contributed $610,000 to the project with Radnor and Lower Merion adding $350,000. The project is expected to begin in February 2010.

Council will meet on Tuesday, Nov. 17 to discuss an ordinance amending the 2006 Property Maintenance Code to allow a Code Official to repair or repaint the exterior surfaces of blighted buildings. The maintenance would Read the rest of this entry »

Delaware County property taxes could go up by 8.9 percent in 2010, according to a preliminary budget released Thursday. The proposed increase Read the rest of this entry »

Warrington Township has yet to collect any money from the mercantile and business privilege tax it adopted over a year ago. The tax, $2,600 on businesses making over $1 million in gross receipts, was adopted last year to close a $1 million revenue shortfall. A lawsuit challenging the legality of the tax was filed by 27 business owners and is scheduled to be heard in Commonwealth Court this month. Warrington supervisors had hoped that revenue from the tax would pay for services used by the business community without placing an extra tax burden on residents. Warrington raised property taxes 36 percent in 2009.