A Resolution directing the Legislative Budget and Finance Committee to conduct a comprehensive study of changes in commercial property values in this Commonwealth, assess the fiscal impact on local governments and school districts and make recommendations.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This resolution directs the Legislative Budget and Finance Committee to conduct a comprehensive study of changes in commercial property values across Pennsylvania. The study will assess the resulting fiscal impact on local governments and school districts, considering potential budget shortfalls. The committee is tasked with making recommendations to mitigate these impacts and improve assessment practices.
Key provisions
- Examine current commercial property values and trends in Pennsylvania.
- Identify Commonwealth-level mechanisms to address local budget shortfalls.
- Provide best-practice recommendations for counties and school districts on assessment practices.
- Request data from Commonwealth agencies, departments, and municipalities as needed for the study.
Who is affected
- Local governments
- School districts
- Pennsylvania residents
- Commercial property owners
- Municipalities
Notable changes
- The resolution addresses potential budget shortfalls due to declining commercial property values.
- It focuses on assessing the impact of high office vacancy rates.
- It seeks to improve assessment practices to stabilize local budgets.
Fiscal impact
The resolution aims to assess the potential for a $1 billion or more in shortfalls for local governments and school districts due to declining commercial property tax revenue.
Bill text
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Document of record
- Version
- Pn 2587 Html
- Published
- Not published in the source record
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Sponsors
Official sponsors from legislative records.
5 on record
Primary sponsor
Cosponsors
Benjamin Sanchez
Robert Freeman
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