real estate taxes have remained the same for the past eight years. Now, thanks to a unanimous vote to approve the 2012 final budget, the taxes will hold firm for the ninth straight year.
In Tuesday night’s meeting, the borough council confirmed the previous 5.4-mill tax rate for 2012. At 5.4 mills, a property owner assessed at $100,000 will continue to pay $540.
Even though the future of the value of borough homes is uncertain due to the delayed Allegheny County reassessments, Edgeworth has estimated that it would receive the exact amount of revenue to support its budget of $2,507,400.
Currently, the combined value of all of Edgeworth’s real estate is about $280 million, with the median property value being $320,000. This figure has increased by 55 percent in the last 10 years, and is expected to rise in the reassessment. The borough already has prepared for the reassessment.
“If the assessed value increases greatly, we will adjust the millage rate downward so that the result will be revenue neutral,” said the official budget report, which is available to the public.
The borough would have until Feb. 15 to make the changes if necessary.
According to the official budget report, it is estimated that real estate taxes will raise $1,540,000 in revenue. Combining this with the total estimated revenue, the borough will take in $300,000 less than in 2011, while spending will be up an additional $229,000.
A major part of the increase in spending is for health insurance benefits, which are rising 41 percent,or an additional $87,000. In addition, employee wages will go up 3.5 percent for an additional $33,000.
Overall, the biggest items in the budget are public safety ($693,740), insurance benefits ($595,557), and public works and highways ($389,520).