City Council President Darrell Clarke | Copyright of City Council/Produced and edited by Michael Falconi
Our City Council is trying to ram through yet another burdensome tax hike.
Yesterday Darrell Clarke Council President introduced legislation to expand city programs aimed at housing repair and preservation. This would be paid for with the proceeds of a $100 million bond issue.
In order to pay down the debt from the bond sale the legislation would also raise the city’s realty transfer tax by 0.1 percent. Philadelphia’s transfer tax is already 3%, added to a 1% transfer tax at the state level. Already Philly’s transfer tax is one of the highest in the country.
0.1% doesn’t seem like a big increase, it would bring in an additional $100 in tax revenue for every $100,000 of value from the sale of a house, on top of the 4% already in place. The tax increase would expire in 2027 and bring in $8 million to $9.5 million annually.
We believe the increase is regressive and will burden those the most that the housing programs are in place to help. It will also be harmful to seniors and first-time home buyers. An increase would also make the city a less attractive place to buy a home.
Philadelphia already has received massive funding increases from rising house values, tons of new construction, increase in sales, and rising real estate taxes.
A City Council committee voted 6-2 to approve and the bill could come up for a final vote in two weeks. If you are opposed to yet another tax hike for Philadelphians let your voice be heard.
Email our City Council and let them know you don’t want another tax increase! Hey it will only take a second of your time to fill in the form and if you have extra time there is a list of Councilperson’s phone number to call.