Pittsburgh's Real Estate Shake-Up: Navigating the Proposed Tax Hike
Pittsburgh's Real Estate Shake-Up: Navigating the Proposed Tax HikeAllegheny County residents are facing a potential seismic shift in their property taxes, with a proposed 46.5% increase on the horizon.
This unprecedented hike, the first in over a decade, has sparked widespread concern and frustration among homeowners and property investors alike.
The Proposed Changes
County Executive Sara Innamorato has put forward a budget that would raise the millage rate from 4.73 to 6.93. For the average homeowner with a property valued at $110,000, this translates to an additional $180 per year in property taxes. While the county argues this increase is necessary to address an $80 million deficit, many residents are struggling to see the silver lining.
Resident Reactions
The proposed tax increase has been met with significant pushback from the community:
Mary Kelly of Baldwin, who owns three properties in Allegheny County, is considering selling and moving to Washington County.
Daniel and Rebecca Dawson, recent transplants from Texas, are having second thoughts about their move to Pittsburgh.
Even college students like Hailey Herbulock are reconsidering their future in the area.
Political Landscape
The tax hike faces an uphill battle in the Allegheny County Council. Council President Pat Catena has declared the proposal "dead on arrival," with at least six council members opposing the increase. The proposal requires a supermajority of 10 out of 15 council members to pass, making its future uncertain.
How We Can Help
At PGH Hardest Working Real Estate Team, we understand the challenges this proposed tax increase presents. We're here to offer solutions and support:
Relocation Assistance: If you're considering moving to a neighboring county with lower tax rates, we can help you explore options and find the perfect new home.
Downsizing Support: For those looking to reduce their tax burden by moving to a smaller property, our team can guide you through the process and find a home that fits your needs and budget.
Property Assessment Appeals: We can provide resources and guidance on how to appeal your property assessment, potentially lowering your tax bill.
Investment Strategies: For property investors, we can help you reassess your portfolio and explore opportunities in areas with more favorable tax environments.
Stay Informed: We'll keep you updated on the latest developments regarding the tax proposal and any potential alternatives or compromises that emerge.
Remember, you're not alone in this. Our team at PGH Hardest Working Real Estate Team is committed to helping you navigate these challenging times. Whether you decide to stay and fight the increase or explore new horizons, we're here to support you every step of the way.Don't let this proposed tax hike derail your real estate goals. Contact us today to discuss your options and find the best path forward for you and your family.
