Pennsylvania House Passes Historic Property Tax Reform
From our State Representative Mike Peifer's newsletter. Could be good news for all homeowners burdened with high property taxes.
House Passes Historic Property Tax Reform Legislation
Last week, the House approved House Bill 504, which would significantly reduce school property taxes across the Commonwealth through a dollar-for-dollar tax shift.
House Bill 504 would change the Personal Income Tax rate to 3.7 percent and the Sales and Use Tax rate to 7 percent, without expanding it to include currently exempt items. The plan would generate nearly $5 billion in total relief and would include a $125 million expansion of the Property Tax and Rent Rebate Program, which benefits low- to middle-income senior citizens and disabled residents across the state. The plan includes cost controls to make sure the tax reductions stay in place, ensuring residents across the state see long-term relief.
Since every new dollar generated as part of this plan would go toward property tax relief, it would increase the Commonwealth’s commitment to its schools while reducing the property tax burden to taxpayers. The bill now goes to the Senate for consideration.