Municipal News
- Last Updated on Wednesday, 29 July 2015 19:22
By J. R. Brower
Peters Township’s annual financial report was presented to Peters Township Council at a recent meeting. According the township’s 2014 comprehensive annual financial report, their funds increased by $742,077 for the year.
The report also stated that of the $16.83 million of township revenue, 73.7% came from taxes, a slight increase from 2013. Most of the $12.5 million collected in taxes came from the township’s real estate and earned income taxes.
The amount of $6 million raised by the 1% income earned tax was 9.8% higher than what was collected in 2013. Total assessed value of real estate property in Peters Township was $341.46 million, an increase of $4.62 million from the previous year. Township Manager Michael Silvestri said this number reflects the value of new construction and additions completed last year.
Township revenue is expected to increase in the near future due to a court-ordered reassessment in Washington County that was ordered in 2013. The last reassessment of property values in the county occurred in 1981, and county officials hope to have the reassessments complete sometime next year.
The general consensus is that school districts have been putting pressure on county officials for years to reassess, due to increased school budgets and cutbacks in state educational funding during the Corbett administration.
The report also referenced the remaining portion of township revenue in 2014, an amount of $4.43 which came from non-tax sources such as special service fees. That amount represents just over 26% of total revenue generated.
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