The Main Line Times reports that the borough council approved a tax increase of 10.4% for the 2008 fiscal year. The Social Security cost of living adjustment (COLA) was only 2.3%. This hefty increase which will cost an additional $186.50 per year on a property assessed at $250,000.
The reason for the hike isn't clear. Borough expenses appear to have remained in line between the 2007 and 2008 budgets. Perhaps this is simply a way to account for those final 2007 taxes which have not yet been collected? Then, the council may, as they did in 2006, rescind the tax hike entirely.
Or, maybe there is another reason. Stay tuned.
