Taxes (Credit: Kelly Sikkema / Unsplash.com)
Lower Merion Township commissioners last month approved an 8% property tax increase for residents, saying the municipality needs to make up for years of stagnant tax revenue
The tax increase reportedly means that the median will pay $1,386 in annual real estate taxes to the township, representing a $103 year-over-year hike. Last year, the township raised property taxes 6.5%, the first increase in more than a decade.
Commissioner Ray Courtney said during a Dec. 17 meeting that by holding out on raising taxes as long as they did, the township’s commissioners “have painted ourselves into a corner.”
Montgomery County last conducted a tax assessment in 1998, meaning residents are paying taxes based on decades-old property values despite the high market value of homes in the area.
