RADNOR — Radnor residents can expect another school district tax hike as part of the 2024-2025 school budget.
During its board meeting this week, the Radnor Board of School Directors unanimously approved the 2024-2025 budget, which includes a 3.95 percent tax increase. Under the state’s Act 1 index, the school district could have increased taxes by up to 5.3 percent.
Describing it as a healthy increase, board member Lydia Solomon said she would support the budget with its 3.95 percent tax hike, but she was hoping it would come in lower.
“I think that there are people in our community that do live paycheck to paycheck, and I think they’re dealing with inflation in a lot of areas,” Solomon said.
Solomon said it’s the board’s job to balance all the things they want while still knowing they are paying for them with other people’s money.
“I will support it because I want to support education in Radnor, but I think it’s up to us to really be careful,” Solomon said.
The millage rate increases from 14.6329 in the 2023-2024 budget to 15.2109 for 2024-2025.
School officials also outlined what increases would represent for various assessed property values.
For a property with an assessed value of $500,000, the increase represents a tax bill from $7,316 in 2023-2024 to $7,605 in 2024-2025, or an increase of $289.
A home valued at an average of $730,613 had a tax bill of $10,691 in 2023-2024, but it will now have a bill of $11,113, or $422 more.
Finally, a home with an assessed value of $1 million that had a tax bill of $14,633 in 2023-2024 will see a tax bill of $15,211 in 2024-2025, or an increase of $578.
So, how does the district plan on spending its tax dollars in the upcoming year?
The budget calls for expenditures of just over $120 million.
The two largest expenditure categories are $45.2 million for regular education instruction and $17.18 million for special education.
Other major expenditures include $10.7 million for operation and maintenance services, $8.9 million for debt service, $7.3 million for administrative services, and just over $6 million for pupil personnel services.
According to school officials, the tax bills will be dated and mailed out July 1 and “be payable with a discount of 2% on or before August 31, 2024, and shall bear a penalty of 10% if paid on or after November 1, 2024 through February 15, 2025.”
As part of the resolution approving the budget, the board also continued the 1 percent realty transfer tax that is shared with the township.
