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12/09/2019 10:38 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=27739
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House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: January 15, 2019 09:46 AM
From: Representative Francis X. Ryan
To: All House members
Subject: LEGISLATION: PROPERTY TAX PENSION OBLIGATION DISCLOSURE ACT
 
In the near future, I intend to reintroduce legislation (former HB2064) which will provide transparency to current and prospective property owners.

This legislation will require the governing body of each school district to calculate the amount of unfunded pension and other postemployment benefit obligations per $100,000 of assessed residential property within the school district. The results of the calculation must be published as follows:
  1. On the publicly accessible Internet website of the school district as a separate item from other information on the website;
  2. As a footnote in the financial disclosures of the annual audited report of the school district; and
  3. In the notice of taxes required by the Local Tax Collection Law.

Additionally, this legislation will require a seller who intends to transfer an interest in real property to disclose the results of the calculation as an item on the property disclosure form. This will help provide prospective homeowners information on the financial solvency of their school district and allow them to make more informed decisions.

I hope you will join me in cosponsoring this important legislation.



Introduced as HB322