It is official – North Penn School District property taxes have increased 4.1% for the 2023-24 fiscal year, beginning July 1.
North Penn School Board Thursday night voted unanimously to pass a $312.2 million expense budget with a $1.2 million deficit. The 4.1% increase will bring in an additional $8.3 million in revenue, per district budget presentations.
Expenses proposed in 2023-24, according to The Reporter, include $4.2 million in salary increases, attributed to about a dozen new hires, and $2.7 million for healthcare benefits. Total revenues overall will increase by about $4.8 million over the last fiscal year, per the report. About $2.9 million in expenses will go toward student and teacher laptop replacement.
There is $3.5 million in COVID stimulus spending, of which $900,000 will go toward eight learning coaches and $691,000 to five school climate coordinators, per the report.
The new millage rate is 29.6365 mills for Montgomery County residents, or $2.96365 tax on each $100 of assessed valuation of taxable real estate property in the district. It is a 1.1653 mill increase from the 2022-23 fiscal year.
Here is what it means for district residents – take 29.6365 and multiply it by the assessed value of your property and divide by 1,000 to get your taxable property at face. For instance, if you have a home assessed by Montgomery County at $185,000, then you can expect to pay $5,483 in taxes come July 1. Say you have a house assessed a little higher, around $265,000. Then, you can expect almost a $7,900 tax bill this year.
The district estimates an average annual increase of $173 for a homeowner in a $150,000-assessed home. North Penn is the fifth lowest school district in millage rates in the county.
You can find everything about your property at here. You can see current county and municipal millage rates here.
The district will be offering the option again to pay taxes at the face value in six installment payments between July and December. The penalty this year was reduced from 10% to 7.5%. All payments after Dec. 15 must be in the form of a cashier’s check or money order.
Taxes, however, can be reduced with acceptance into the homestead or farmstead reduction plan. The homestead exemption allows you to save on property taxes by allowing the district to exclude a portion of your home’s value from assessment. Those who are already on the homestead reduction plan will see $8,926 in assessment savings, bringing the bill down by $264.53.
You can find out more about the school district’s Homestead and Farmstead Exclusions at this link. You can find a Homestead Application, Homestead Removal and other exemption forms on the Montgomery County Board of Assessment Appeals website at this link.
The Homestead and Farmstead Exclusion is administered by Montgomery County. Under a homestead or farmstead property tax exclusion, the assessed value of each homestead or farmstead is reduced by the amount of exclusion before the property tax is computed.
For school property tax relief for tax year beginning July 1, property owners must file the form by the preceding March 1. For local property tax relief for tax year beginning Jan. 1, 2024, property owners must have the form postmarked by Dec. 15, 2023.
The district also offers a property tax and rent rebate program that allows eligible homeowners and renters to get a discount of up to $877.50, equivalent to a rebate of up to 90%, for 2023-24. Learn more about that here. There is a caveat: Homeowners or renters must first be approved for the Pennsylvania PA-1000 Rent/Property Tax Rebate Program, due by June 30, 2023.
See also:
North Penn School Board Recommends Proposed 2023-2024 Budget with 4.1% Tax Increase
Photos: North Penn High School Class of 2023 Graduation
North Penn School District Says Goodbye to Class of 2023 Retirees
North Penn School District Appoints New Inglewood Elementary School Principal
North Penn School District Named Among Best Communities for Music Education
