11/8/17
by News Department on 11/08/17New Tax Bill...
The constitutional amendment that Pennsylvania voters approved Tuesday could eventually lead to reductions in the state’s heavy dependence on property taxes.
The amendment gives the General Assembly the authority to pass a law authorizing local governments to exclude up to the full value of residents’ homes that they own from taxation.
Local governments have had the ability for two decades to exclude up to half the median value of homes in their area from taxation.
Billions are collected every year through property taxes to fund public schools and the amendment does not provide a way to make up for any cuts in that revenue.
At issue is the so-called “homestead exemption,” which lowers tax bills by reducing a home’s value before the taxes are determined.
