West Vincent Township has a real estate tax, an earned income tax and a transfer tax. Collections of these taxes through the end of April show an increase over last year’s collections. Earned income taxes showed the most growth with an increase of more than $92,000 over last year. Transfer taxes were more than $21,000 over last year.
The following table shows the results from the audits done by the independent accountants for tax revenues for the Township. Excluding one-time unusual events and open space taxes, they show a steady slow growth in taxes except in 2009 when the economy was at its worst. Perhaps even more significant, tax receipts in every year exceeded budget estimates. The Township has been very conservative in estimating tax receipts. Since in all the years shown the Township budgets balanced revenues with expenditures, this reflects the Board’s continued commitment to managing the cost of providing services to Township residents
With respect to open space taxes, they showed a dramatic decrease in 2011 when the Township Supervisors repealed the real estate portion of open space taxes, which had previously been 0.49 mills.