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Real Estate Transfer Tax

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NEWS
December 28, 1986 | By Ellen Dean Wilson, Special to The Inquirer
Birmingham supervisors have voted to close loopholes in the collection of local real estate transfer taxes. The ordinance, which will take effect in January, follows the lead of a state law that began in July. Susan Cassell, assistant press secretary of the state Department of Revenue, said recently that the state expected an additional $20 million in transfer taxes for the fiscal year 1987 as a result of the change. The real estate transfer tax, 2 percent of the selling price, is collected each time a property is sold.
NEWS
November 5, 1990
Somewhere in the beyond, Max Weiner is not smiling. Sure, the lawsuit he brought in 1988 to overturn the illegal increase in the city's real estate transfer tax looks as if it will be finally settled. But looks can be deceiving, and Max was never one to rest until the final chapter was written. Sadly, this issue has been mishandled by the city's politicians at almost every step. Council passed the tax increase in the dead of night without giving voters an opportunity to comment or complain.
NEWS
January 3, 1988 | By Charles McCurdy, Special to The Inquirer
Without raising taxes, the supervisors of West Pikeland have adopted a 1988 budget that is 31.5 percent greater than 1987's. Despite the increase, to $357,350, increased revenues from the earned income tax and the real estate transfer tax are expected to cover the added expenditures. Property taxes will remain at 2 mills - $2 for each $1,000 of assessed valuation. The average property tax in West Pikeland is $29.20. The 1988 budget is $85,565 more than the 1987 budget of $271,785.
NEWS
December 11, 1988 | By Frank Reeves, Special to The Inquirer
With no discussion, Charlestown supervisors voted 3-0 last week to approve a township operating budget of $398,258 for 1989. The budget, which is less than 2 percent higher than this year's operating budget of $392,253, will not require a property tax increase, said John C. Martin, chairman of the Board of Supervisors. State law requires municipalities to approve operating budgets by Dec. 31. The property-tax rate will remain at $8.50 per $1,000 of assessed value, township officials said.
NEWS
December 31, 1997 | By Lisa Shafer, INQUIRER CORRESPONDENT
A revolving door of residents in the borough has helped keep taxes stationary for eight years. Each time a house or property is resold, the borough collects a real estate-transfer tax. And borough officials say that in the 1990s, these transactions have been plentiful. Plentiful enough this year to keep property taxes at 19 mills under a $156,580 general-fund budget, which the Borough Council adopted unanimously Monday. This year, revenue from the real estate-transfer tax exceeded projections by 157 percent.
NEWS
May 7, 1988 | By Mark Fazlollah and Robert Zausner, Inquirer Harrisburg Bureau
Senate Republicans have dropped their proposal to raise the state sales tax to 6.5 percent as part of a new tax-revision plan that would instead allow school districts and municipalities to implement personal income taxes. The new plan, unlike its several predecessors and House-passed cousin, is the first that does not deal with the issue of reducing the Philadelphia wage tax. Even its supporters concede it offers little for Philadelphia. Senate Majority Leader John Stauffer (R., Chester-Montgomery)
NEWS
May 31, 1988 | By JOSEPH GRACE, Daily News Staff Writer
Amid a chamber overflowing with angry, booing taxpayers, City Council met this morning and began approving tax increases - including a 5 percent property tax hike - to fund a $1.95 billion city budget. The budget itself for the next fiscal year beginning July 1 was approved by a 12-4 vote just before noon. Voting for the budget were 12 of Council's 13 Democrats. Voting against it were the lone Democratic holdout, Joan Krajewski, and three Republicans, Thacher Longstreth, Jack Kelly and Brian O'Neill.
NEWS
January 16, 1996 | By Dominic Sama, INQUIRER STAFF WRITER
A standing-room audience is expected tonight as the township Board of Commissioners considers repeal of the condemnation of the Levin tract, which had been approved so the land could be purchased as open space. Commissioner Bill Spingler, sponsor of the condemnation ordinance, last week distributed fliers asking residents to tell their commissioners to support the acquisition. "We expect a heavy turnout at the meeting," said Spingler, the only Democrat on the board, which Republicans control by a 6-1 margin.
NEWS
February 26, 1987 | By Bill G. Lowe, Special to The Inquirer
Norwood Borough Council has adopted ordinances that reduce the per capita tax and close a loophole in the real estate transfer tax. The ordinance reducing the borough per capita tax from $10 to $5 was adopted by a 5-0 vote Monday with two members absent. The reduction was necessary because the Interboro School District has imposed a $10 per capita tax, and state law limits the total tax to $15 per resident. An ordinance establishing a 1 percent real estate transfer tax was adopted, also 5-0, to close a loophole that allowed corporations to escape the tax by transferring real estate as a business asset.
NEWS
May 5, 1988 | By Gina Esposito, Special to The Inquirer Inquirer correspondent Maura C. Ciccarelli contributed to this article
The Jenkintown school board has proposed a $4.17 million budget for the 1988-89 school year that includes a 3-mill tax increase. Under the proposed budget, introduced at a meeting Monday night, the millage rate for school taxes would increase to 185 mills, up from 182 mills this year. The school budget for this year was $3.8 million. A homeowner whose home is assessed at $10,000 would pay $1,820, up from the current rate of $1,850. One mill equals $1 in tax for every $1,000 of assessed property value.
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NEWS
April 2, 2015 | BY VALERIE RUSS, Daily News Staff Writer russv@phillynews.com, 215-854-5987
THE PHILADELPHIA Coalition for Affordable Communities yesterday called for a new "anti-speculation tax" that would increase the real-estate transfer tax by 1.5 percent for certain properties that are "flipped" by investors. "By increasing the Realty Transfer Tax by 1.5 percent, we could generate $12 million for the Philadelphia Housing Trust Fund every year," according to the report, titled "Development Without Displacement. " The housing trust fund provides money, usually to community development corporations or other nonprofits, to develop new affordable housing and help existing homeowners make critical repairs.
NEWS
April 3, 2013
GOTTA GIVE credit where credit is due. I attended my first AVI information meeting, which the city set up in my neighborhood of Packer Park, South Philly. I found the meeting to be more of an aid for filing protest forms against the tax hike, but what got my attention was the fact that Councilman Kenyatta Johnson was present and how he addressed those in attendence. Unlike other politicians, he didn't make any promises that he could not fulfill. He didn't try and make us believe that what's happening was a good thing (as a matter of fact, he is against the AVI)
NEWS
December 14, 2012 | BY BARBARA LAKER, Daily News Staff Writer lakerb@phillynews.com, 215-854-5933
A POLICE BOARD found Officer Elaine Thomas, a 15-year veteran of the force, guilty Wednesday of an alleged tax scam and recommended that she be suspended for 30 days without pay. Police Commissioner Charles H. Ramsey has the final say on how Thomas should be disciplined and said that he had not yet read the Police Board of Inquiry's findings. "As soon as I review it, I will make a final determination," he said. Thomas, 41, allegedly falsely claimed in signed court documents in six real-estate transactions that she was related by blood to people who were listed as the sellers.
NEWS
December 3, 2012 | By Mark Fazlollah, Inquirer Staff Writer
No one could hold down Robert May. He fled Jim Crow Georgia, arriving in Philadelphia in 1935 determined to run his own business. During the next four decades, he opened several neighborhood bars and worked at his family's store, May's Market at Ridge Avenue and 25th Street. And after dying of cancer in 1978 at age 64, May mysteriously rose again, 27 years later. On Aug. 6, 2005, May supposedly signed over the deed of his two-story Strawberry Mansion rowhouse to Philadelphia Police Officer Elaine P. Thomas.
NEWS
February 18, 2010 | By Jeff Shields INQUIRER STAFF WRITER
Three big winter storms have cost the city $11.5 million more than anticipated this year, Budget Director Stephen J. Agostini said yesterday, and the sputtering economy is threatening to engulf the city's next budget in red ink to the tune of $150 million. The bill for the blizzards was included in the city's quarterly managers report, which came out late Tuesday, and does not account for another negative factor of the storms' wrath: the drop in sales-tax revenue that resulted when snow forced businesses to close.
NEWS
January 5, 2010 | By CATHERINE LUCEY, luceyc@phillynews.com 215-854-4172
WITH the holidays over, city budget season rears its ugly head. And while the economic freefall of the past 18 months seems to have stabilized, Philly's dark financial days are not over as tax revenues continue to lag and costly union contracts are looming. "While there's not this sense of the tsunami coming over us, we're still dealing with the damage it created," said city Finance Director Rob Dubow. This means that after an extended period of deep cuts and other moves to balance the budget - including reductions to the library system, cancelling services like bulk-trash pick-up, as well as a temporary sales-tax hike - the city may be gearing up for more of the same.
NEWS
January 16, 2009
A remorseful Mayor Nutter begged the public's pardon yesterday for not involving it before he announced the first round of budget cuts to deal with the city's worsening fiscal condition. Good for the mayor. Now he must make sure the public forums he announced to get maximum citizen input before the next round of cuts - yes, there must be a next round - do more than provide cover for the painful decisions to be made. Don't just listen to participants in the series of "PhillyStat" town meetings being planned.
NEWS
January 15, 2009 | By BEN WAXMAN
REMEMBER THE GOOD old days, in October, when the city's five-year budget hole was only $450 million? It quickly grew to $1.2 billion, and, today, Mayor Nutter is expected to announce that the numbers are even worse. For one thing, the three largest sources of revenue - the business-privilege tax, the wage tax and real-estate transfer tax - are all way down. Combine that with a pension fund that has lost hundreds of millions of dollars, and you've got the recipe for some serious budget pain.
NEWS
January 8, 2009 | By Marcia Gelbart, Inquirer Staff Writer
Be thankful for the Phillies. In an otherwise dismal report on city tax collections, the 2008 World Series champs brought the only bit of good news: When the current fiscal year ends in June, total revenue from Philadelphia's amusement tax is projected to be higher than it has been in at least five years. The tax - a 5 percent surcharge on the admission fee for concerts, movies, sporting events and more - was up 55 percent over last year for the months of October, November and December.
NEWS
December 9, 2008 | By Marcia Gelbart and Patrick Kerkstra INQUIRER STAFF WRITERS
Mayor Nutter warned at a town hall meeting last night that the city's already dire financial situation is continuing to deteriorate. "Unfortunately, I have to tell you here tonight that things have gotten worse" since last month, when he discussed Philadelphia's financial woes in a live television address. Citing the recent dismal performance of the city's pension fund, and startlingly low real estate transfer-tax collections, Nutter said the city's five-year deficit would be larger than the $1 billion estimate he made Nov. 6. Just how much larger won't likely become clear until January, Nutter said, when the administration will be better positioned to quantify it. The city will begin drafting a new budget then, and administration officials expect to have a fuller picture of how weak the revenue is likely to be this year.
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