Revenue Trends

 

Top 10 Taxpayers. Keystone Collections Group, the earned income tax (EIT) administrator for Chester County municipalities, keeps an eye on a category refereed to as “The Top 10 Taxpayers.” In 2017, East Bradford’s the Top 10 Taxpayers accounted for approximately 8.34% of total EIT. Between September 2017 and September 2018, a net decrease was reported of more than $200,000 (in both General and Open Space EIT) among the Top Ten Taxpayers. While the precise individual details for the decrease are not known, Keystone indicates one-time bonus/retirement payouts and retirement of high salaried employees are the likely the explanation for this decline. For example, one taxpayer paid in excess of $80,000 in EIT in 2017 but paid less than $4,000 in 2018. Punctuating the flat to decreasing trend of earned income tax receipts, East Bradford Township was one of only 10 municipalities in Chester County with a decrease in EIT collections. In addition, East Bradford reported the fourth largest percentage decline (-3.5%) and the largest absolute decline among all municipalities at ($125,739). Compounding the 2017 to 2018 loss in EIT revenues, Keystone reported in April 2019, that total EIT decreased $41,252 comparatively between the first quarter 2018 and second quarter 2019 with $37,246 related to two Top 10 Taxpayers apparent retirements.

Total Real Estate Valuation. Chester County Tax Assessment annually prepares and submits to all municipalities in the county a Statement of Valuations for all assessed real estate property. Factors affecting the total real estate valuation include new construction, improvements to existing real estate property (e.g. increased tax assessment for building additions, pools, etc.) and tax appeals that usually lowers the tax assessment valuation of a property. During the last ten-year period (2008 to 2018), total real estate valuation in East Bradford Township has declined $21,208,735 or -2.56%. At the current property tax millage of 1.00 this translates to an annual decrease of $21,209 in tax revenue.

East Bradford