Pennsylvania Home Rebate Plan

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Below read and watch about the Senate Democrats Pa Home Rebate Plan.

Download IFO Report

Also view FAQs about the plan.

 

Senate Democrats:  Eliminate Property Taxes for 2 Million Pennsylvanians

$1,990 rebate to taxpayers; property taxes eliminated for nearly 2/3 of property owners

Harrisburg – June 24, 2015 – A new property tax plan that would eliminate school property taxes for 2 million homeowners, reduce property taxes by $1,990 for another 1.2 million homesteads and provide a $500 rent rebate for more than 800,000 Pennsylvanians was unveiled today by Senate Democrats.

Under the PA Home Rebate plan, property taxpayers would be eligible for a 100 percent rebate of their school property tax bills up to $1,990 while renters would receive rebates of $500 provided their income is less than $50,000.  The rebates would be available annually.

“The plan is simple, straightforward and substantial,” Sen. Jay Costa (D-Allegheny), the Senate Democratic leader said today. “It eliminates school property taxes for 2 million homesteads, makes deep cuts for more than a million more and helps renters.

CONTINUE READING

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Property Tax Plan

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HomeRebatePlan

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FAQ’s

► WHAT IS IT?

  • A rebate on school district property taxes for homeowners equal to 100% of school district property taxes paid, not to exceed $1,990. In Philadelphia, funds will be used for the reduction of a mix of wage, sales and use, cigarette and property taxes
  • A $500 rebate for renters with a household income of $50,000 or less

►WHAT IS THE PROJECTED IMPACT?

  • According to an Independent Fiscal Office (IFO) analysis, of the estimated 3.2 million eligible homeowners in the Commonwealth:
    • Approximately 2 million homeowners will receive a rebate equal to the total amount of property taxes paid, thereby effectively eliminating their school property taxes
    • Approximately 1.2 million homeowners will receive the maximum rebate of $1,990
    • According to the Governor’s Office, an estimated 800,000 renters will be eligible to receive a $500 rent rebate

►HOW MUCH DOES IT COST?

  • Assuming 100% participation, the total projected cost is $4.4 billion including funding for Philadelphia tax relief
    • According to the Independent Fiscal Office (IFO), the total cost of the property tax rebate portion of the program is estimated to be $3.945 billion
      • Act 1 Gaming funds are included in this calculation According to the Governor’s office, the total cost of the rent rebate program is estimated to be $400 million

► HOW IS IT FUNDED?

  • The program is funded from 3 sources: PIT, sales and cigarette taxes:
    • .78 percent increase in the Personal Income Tax
    • 0.6 percent increase in the Sales and Use Tax
    • $1 per pack increase in the state cigarette tax
    • 40% tax imposed on Other Tobacco Products

► HOW WILL FUNDS BE DISBURSED TO PROGRAM PARTICIPANTS?

  • Similar to the Senior Citizens Property Tax and Rent Rebate Act, individuals will apply for the rebate with the Department of Revenue and receive a check in the amount of the total rebate owed to them.
  • In Philadelphia, residents will see a reduction in property taxes through the existing homestead exclusion, along with reductions in the resident and non-resident wage tax rate, the local sales tax rate, and elimination of the $2 per pack cigarette tax.

► WILL SENIOR CITIZENS STILL BE ELIGIBLE FOR A REBATE UNDER THE SENIOR CITIZENS PROPERTY TAX AND RENT REBATE PROGRAM?

  • Yes. Those funds will remain available for rebates on county and municipal property taxes paid by senior citizens.

► ARE THERE PROTECTIONS AGAINST FUTURE SCHOOL DISTRICT PROPERTY TAX INCREASES?

  • This plan has a built in protection from future school district property tax increases in that any individual currently paying less than $1,990 in school property taxes will not pay the increase until their property tax bill exceeds $1,990. Once their bill exceeds $1,990, they will only pay the difference between the amount of the bill and the amount of the rebate.
  • In addition, this proposal incorporates Governor Wolf’s proposal to require school districts to reduce fund balances before increasing property taxes.
  • Finally, the Act 1 index and back-end referendum provisions will continue to apply to school districts.

► ARE THERE “WINNERS AND LOSERS” IN THIS PROPOSAL?

  • There are winners and losers in every tax shifting proposal. The extent to which one is a winner or loser under this plan depends on income, consumption of taxable items and tobacco product use.

► IS THIS A “DOLLAR-FOR-DOLLAR” REDUCTION IN SCHOOL DISTRICT PROPERTY TAXES?

  • Yes. All revenue raised will be used for school district property tax relief, rent relief or a combination of wage, property or wage relief in Philadelphia.
  • However, there must be an honest conversation about the $2 billion structural deficit and priorities such as education spending, job creation and repairing the devastating cuts Governor Corbett made in areas like human services.
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