Reading City Council Adopts $84 Million Budget; Most Taxes Remain Unchanged

A 1947 topographic map of the Reading, Pennsyl...

A 1947 topographic map of the Reading, Pennsylvania area. (Photo credit: Wikipedia)

City Council on Monday approved a 2014 budget of $84.4 million that leaves most tax rates the same, but puts about $1.5 million into a contingency fund that may be needed to pay for its recycling program.

Council also voted 6-1 to turn down Mayor Vaughn D. Spencer’s request to switch to a land-value tax that he said would spur economic development.

Councilman Jeffrey S. Waltman Sr. voted for the move, which Spencer had called his signature initiative.

The land-value tax would have lowered the tax rate on each property’s buildings by 20 percent a year until it’s entirely eliminated, but make up for that by raising the tax rate on land.

Read more: http://readingeagle.com/article.aspx?id=520206

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