If Gov. Rendell gets his way the cost of a real estate deal in PA will increase. Members of the PA Association of REALTORS® (PAR) today rallied in Harrisburg yesterday, expressing dissatisfaction with the proposed tax on professional services in real estate transactions.
Some 70 percent of Pennsylvanians polled opposed the proposed taxes which will increase the costs for consumers in the home-buying and selling process.
"Consumers in Pennsylvania will have to spend thousands of dollars more to purchase a home if Gov. Rendell's plan is enacted," said Roth, president of the PAR. "Housing will become less affordable and beyond the reach of many Pennsylvanians."
This proposed tax would impact every profession and service connected to a real estate transaction. In addition to paying a 4-percent tax on real estate agent/broker services, consumers will have to pay a 4-percent tax on appraisals, attorney services, credit reports, mortgage originations, home inspections, surveys, title searches, construction, architectural services and site preparation.
"Homebuyers and sellers are already taxed via Pennsylvania's Realty Transfer Tax (RTT), which is among the highest in the nation," added Roth.
SOURCE Pennsylvania Association of REALTORS(R)
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