Real Estate transfer tax revenue down

November 24th, 2011 • Related • Filed Under

In a recent Morning Call letter to the editor, LVAR (Lehigh Valley Association of Realtors) expressed  frustration with government officials continued reliance on the real estate transfer tax (PA recieve 2% on every Lehigh Valley Real Estate Transaction, buyer and seller each pay 1%).  Municipalities that were once booming with residential development are seeing the effects of a slow housing market, namely in the loss of income from estate transfer tax, which is shared by municipalities, school districts, and the state.  Collections REALTORS® have argued for years that local governments should not rely on the transfer tax for revenue because it is unstable and cyclical. 

source: Lehigh Valley Association of Realtors

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