Lt. Gov. Stack addresses Realtors® in Harrisburg

Lt. Gov. Mike Stack

Gov. Tom Wolf’s recently-released budget was on Lt. Gov. Mike Stack’s mind as he spoke to a crowd of Realtors® at the Pennsylvania Association of Realtors®’ annual Public Policy and Political Affairs Seminar.

After being introduced by 2015 President Elect Todd Polinchock, Stack, a former state senator, stressed the importance of strengthening the middle class through the proposed budget.

“Gov. Wolf and I are dedicated to rebuilding the middle class,” he said. He spoke of the importance of the middle class to the real estate industry, noting that is most likely where most Realtors® had the majority of their clients and sales.

In Wolf’s proposed budget, property tax will be reduced by approximately $3.8 billion dollars, and the average homeowner will see a reduction of 50 percent, said Stack. Renters would also get a break, with those earning $50,000 or less would receive a rebate, with a maximum value of $50.

Stack stressed the importance of education to the administration, and how crucial adequate funding is. “This will benefit the real estate industry,” he said. Let’s make all school districts good, with adequate funding distributed across the state, so that every child has a chance at a good education, he added.

In the proposed budget, more funding will go towards education, while offering property owners a break.

“Imagine marketing a home to a potential client and telling them they have little to no residential school property tax,” said Stack.

In order to cut property taxes, but increase education funding, there will be trade-offs, he said, noting that Gov. Wolf is striving to create a fair tax system. Additional funds are expected to come from taxing natural gas drilling, as well as raising personal income tax and sales tax.

Another proposal would increase and broaden the sales tax from 6 to 7 percent to include previously exempted items. Stack said this is better in the long run, and will ultimately make home buying more efficient.

Stack also said there will be an increase in funding for the Pennsylvania Housing Finance Agency, a benefit to the real estate industry.

“Let’s build this state together,” said Stack. “Let’s build your industry together.”