How much will your local real estate taxes increase in 2018?
Another year is coming to a close, which means local municipalities had to pass their 2018 budgets. Below, find out if your local real estate taxes are changing.
Centre County
Real estate taxes: No increase for the eighth consecutive year
County millage rate: 7.84 mills (no change)
Total 2018 budget expenditures: $75.6 million
Total 2018 budget revenues: $73.1 million (budget balanced through reduction in fund balance)
Bellefonte
Real estate taxes: Increasing by 3/4 mill; on average, the borough said, it amounts to $36 per property more per year
Local millage rate: Increasing from 15.265 to 16.015 mills
Total expenditures: $17.6 million
Total revenues: $17.6 million
State College
Real estate taxes: No increase
Local millage rate: 16.4 mills (no change)
Total expenditures: $48.8 million
Total revenues: $48 million (balanced through reduction in fund balance)
College Township
Real estate taxes: No increase
Local millage rate: 5.4 mills (no change)
Total expenditures: $8.8 million
Total revenues: $8 million (budget balanced through a reduction in the township’s fund balance)
Ferguson Township
Real estate taxes: No increase for the 10th consecutive year
Local millage rate: 2.422 mills (no change)
Total expenditures: $22 million
Total revenues: $21 million (budget balanced through reduction in the township’s overall fund balances)
Halfmoon Township
Real estate taxes: No increase
Local millage rate: 4.98 mills (no change)
Total General Fund expenditures: $884,400
Total General Fund revenues: $884,400
Harris Township
Real estate taxes: 1/10 mill decrease; on average, property owners will save $20 a year, the township said
Local millage rate: Decreasing from 5.4 to 5.3 mills (a return to 2016 rate)
Total expenditures: $2.82 million
Total revenues: $2.77 million
Patton Township
Real estate taxes: No increase; a 1/10 mill increase is forecasted for 2019
Local millage rate: 9.5 mills (no change)
Total expenditures: $11.34 million
Total revenues: $11.32 million (budget balanced through a reduction in cash reserve)
Sarah Rafacz: 814-231-4619, @SarahRafacz
How much will your real estate taxes go up?
To determine the dollar amount you’ll be paying in real estate tax, multiply the assessed value of your home by the millage rate and then divide that number by 1,000.
This story was originally published December 28, 2017 at 4:52 PM with the headline "How much will your local real estate taxes increase in 2018?."