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Sponsors of the School Property Tax Elimination Act, say it's poised for a vote when legislators return to session this week. The bill would still have to go to the House for a vote. PAR supports this bill based on an independent economic study conducted for the association. The bill proposes to eliminate property taxes dedicated to school districts and to replace the funding by raising the personal income tax from 3.07 to 4.34 percent and increasing and broadening the sales tax from 6 to 7 percent to include previously exempted items.
Real property tax reform has continued to be a hot button issue in the Capitol, due largely in part to PAR's success in motivating consumers last year. There have been several property tax reform bills introduced, including some within several state budget proposals, however PAR believes this proposal remains the most viable option.
PAR has continued to be part of the discussion on real property tax reform efforts because the association believes property tax reform is important to maintain the real estate industry recovery in the Commonwealth.