REALTORS Urge Legislators Not to “Squeeze” Home Ownership with RTT Special Delivery

The real estate industry sent a special delivery to Pennsylvania State Legislators returning to session in March, reminding them of its opposition to increases to the Realty Transfer Tax.

Each of the 203 state Representatives and 50 Senators, along with Governor Ed Rendell, were given a bag with the plea “Please Don’t Squeeze Home Ownership” on the front. The bag contained a squeeze toy shaped like a cottage, printed with the same message and a 6”by 6” green flip book detailing the reasons why an increase would be disastrous to everyone involved in the real estate transaction.

The materials were prepared by the Coalition Against Increasing the Realty Transfer Tax. The coalition comprises: PennsylvaniaAssociation of REALTORS® (PAR), who formed a partnership with the Housing Alliance of Pennsylvania, National Federation of Independent Business, Pennsylvania Association of Community Bankers, Pennsylvania Association of Mortgage Brokers, Pennsylvania Builders Association, Pennsylvania Chamber of Business and Industry and Pennsylvania Land Title Association.

The flip books used photos to represent the people and industries that would be affected. The text reminded the legislators that Pennsylvaniaalready has one of the highest Realty Transfer Taxes in the nation and that the Realty Transfer Tax fluctuates and can’t be used to support projects that rely on a steady revenue source. The negative effect to business development and property owners also was highlighted.

The goal in creating the squeeze toy and flip book was to create a unique presentation that would not likely be overlooked. According to PAR, the special delivery has garnered positive comments from members of the General Assembly.

Governor Rendell announced in late February that he could transfer as much as $412 million to stabilize transit agencies through 2007. He indicated that he would only do so if the Legislature did not take action to provide long-term funding for mass transit. To date, the Legislature has taken no action on bills introduced regarding funding for mass transit.