Will increase in realty transfer tax hurt citizens and businesses?
Pittsburgh City Council has advanced a 0.5 percent increase in the real estate transfer tax to fund the affordable housing trust fund. The final vote will be taken today.
While we understand the desire to capitalize the fund, we strongly believe there are ways to do so that do not burden city of Pittsburgh residents and developers.
The city of Pittsburgh already has one of highest realty transfer tax rates in the state at 4 percent. The bill under consideration will increase that to 5 percent. The next highest rates are in Scranton and Philadelphia at 4.3 perent and 4.1 percent, respectively.