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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 18, 2023 02:16 PM |
|---|---|
| From: | Representative Sara Innamorato |
| To: | All House members |
| Subject: | Longtime Owner Occupant Tax Exemption Program (LOOP) |
| As Pittsburgh experiences an improved economy, increased investment, and positive development in many of its neighborhoods, longtime owner occupants have been and will continue to be put at risk of being forced out of their homes due to rapid increases in property taxes. A Longtime Owner Occupant Program (LOOP) could provide some much-needed relief to longtime Pittsburgh residents but, as it is now, Allegheny County must adopt an ordinance of its own to authorize such a program before its municipalities can establish it. However, Allegheny County has no such ordinance in effect. That is why I will be introducing legislation that will allow Pittsburgh the option of enacting a LOOP program to help homeowners better manage property taxes in gentrifying neighborhoods. LOOP will allow for Pittsburgh to design a property tax relief plan based on years of home ownership and increases in property taxes due to property value increases. The city would be permitted to exempt or defer the property tax increases of longtime owner occupants in the neighborhoods most impacted by development and gentrification. Only those increases in property taxes that can be determined to be generated from development occurring in the targeted neighborhoods would be subject to deferral or exemption. Providing relief from property value increases will help stabilize property tax bills, home ownership, and communities. It is vital we act to provide Pittsburgh with the authority to meet its changing conditions and needs. Please join me in co-sponsoring this important legislation to provide much needed relief to Pittsburgh’s longtime residents. Previous Co-Sponsors of HB 2577 from the 2021-2022 Legislative Session: STURLA, HOHENSTEIN, DEASY, LEE, BENHAM, KINKEAD, CEPHAS, COVINGTON and FRANKEL |
Introduced as HB788