Pennsylvania HB985 establishes an annual revenue-sharing program for municipalities with tax-exempt real property, creating the Tax-exempt Property.

Pennsylvania HB985 creates an annual revenue-sharing program for municipalities with tax-exempt real property. The bill establishes the Tax-exempt Property Municipal Assistance Fund, which receives revenues from the liquor tax. The Department of Community and Economic Development distributes funds to eligible municipalities based on the market value of their tax-exempt properties. Municipalities must meet criteria, such as having a median household income within 115% of the statewide average and not exceeding 15% of their total market value in tax-exempt property.

Pennsylvania HB985 establishes an annual revenue-sharing program for municipalities with tax-exempt real property, creating the Tax-exempt Property.

Pennsylvania HB985 creates an annual revenue-sharing program for municipalities with tax-exempt real property. The bill establishes the Tax-exempt Property Municipal Assistance Fund, which receives revenues from the liquor tax. The Department of Community and Economic Development distributes funds to eligible municipalities based on the market value of their tax-exempt properties. Municipalities must meet criteria, such as having a median household income within 115% of the statewide average and not exceeding 15% of their total market value in tax-exempt property.