The Franklin Reporter & Advocate Eight Villages, One Community
Skyrocketing mandated costs are behind a small municipal portion tax increase included in the Township Council’s 2024 budget.
Final numbers weren’t available at the April 9 Township Council meeting when the budget was introduced, but the bottom line is the owner of a home valued at $477,100 – the township average – will see an $80.77 increase in their local portion property tax this year, from $1,135.84 to $1,215.61.
The municipal portion tax rate went down slightly, from 26 cents per $100 of assessed valuation to 25.5 cents per $100 of assessed valuation, Township Manager Robert Vornlocker said.
The amount to be raised by taxes increased 6 percent over 2023, from $35,842,746 to 37,993,310.
Vornlocker said that mandated costs increased about $2.1 million from 2023.
Those costs are primarily:
- A $1.4 million increase in health insurance costs
- A $180,141 increase in pension and Social Security taxes
- A $257,778 increase in debt service
- A $307,527 increase in the library tax.
Salaries and wages increased by $595,000, or 2.4 percent, which Vornlocker note was below the current inflation rate.
About $9.3 million of the township’s surplus was used to prevent a larger tax increase, Vornlocker said.
There was also a $174,235 decrease in the Township’s Capital Improvement Fund, “although we still plan to continue with Township infrastructure improvements by bonding,” Vornlocker said. “Roads and sidewalks are planned at $4 million and an additional $1.2 million is planned for road-related improvement projects.”
The assessed valuation of township properties increased from 2023’s $13,766,118,400 to the current $14,887,830,900, an 8.15 percent hike.
A public hearing on the budget has been set for the Council’s May 14 meeting.
