Residents will be subject to a 1.99 percent tax increase next year, following the Lower Merion Board of School Directors' unanimous approval of the 2012-13 school year budget at their regular business meeting Monday night. The 2 percent figure boils down to a $114 increase for the median Lower Merion home, worth $250,000.
The $212,809,404 budget passed Monday night is the same revised budget presented at the board's April 16 meeting. It calls for no program cuts or layoffs, and the tax increase is down from the originally proposed 3.9 percent increase called for in January.
In January, the district netted $3.3 million in savings from a bond sale and subsequent payoff to year-2002 bond holders. That money helped reduce the tax increase, business administrator Vic Orlando said. The rate comparison is shown in the following table.
|Bill for $250K house||$5,572||$5,757||$5,982||$5,871|
The 1.99 percent increase will be the smallest in recent memory, board president Diane DiBonaventuro said in April.
- School Board Cuts Tax Increase in Half (April 16, 2012)
- Expecting Savings Later, Lower Merion School Board OKs Preliminary Budget (Jan. 23, 2012)