| Realty Transfer Tax (RTT) |
| The realty transfer tax is a state and local tax assessed on real estate when it is sold. Pennsylvania taxes the transfer of real estate at a rate of 2 percent of the purchase price. In addition, local municipalities may add their own realty transfer taxes. |
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| Some Pennsylvania lawmakers are considering RTT to fund the Commonwealth’s ailing mass transit systems. The proposal is to increase RTT from 1.0% to 1.9%, with the additional 0.9% dedicated to mass transit funding, or to create a menu of local taxing options including RTT. |
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| The report, Why Raising the Realty Transfer Tax Is Bad Public Policy, released by the Susquehanna Valley Center for Public Policy, an independent political think tank, states that raising the realty transfer tax would increase the price of an average home by $6,671. That tax increase would have to be paid in a lump sum at settlement. For first-time homebuyers, an increase would dramatically raise the closing costs. In municipalities which currently charge a high RTT, a potential increase would raise the RTT to $10,000 for an average- priced single home. |
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| A recent survey by Susquehanna Polling and Research polled 600 Pennsylvanians, revealing that 80 percent oppose any increase in RTT to fund mass transit. |
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| 2007 RTT Campaign |
| • VoteNoOnRtt.com |
| • RTT Statewide Poll Summary |
| • Susquehanna Polling and Research Top Line Results |
| • Susquehanna Polling and Research Methodology |
| • RTT Opposition State Map |
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| • PA REALTORS® Rally Lawmakers To Vote No On RTT, June 21, 2007 |
| • 80 Percent of Pennsylvanians Oppose Raising the Realty Transfer Tax, April 3, 2007 |
| • REALTORS® and Builders Oppose $3K Hike in New Fees on Homebuyers for Mass Transit, November 13, 2006 |