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Real Estate Fees and Taxes on the Rise

Has there been a "real estate recovery?" Sales of residential real estate have risen over the past year, and residential real estate prices have crept upward. However, many real estate brokers, agents and lenders believe that tougher government regulations have prevented a full "recovery." Whether or not the market value of real estate is rising, the Commonwealth of Pennsylvania is certainly increasing its assessed value of real estate, and the cost of transferring it as well:

On July 10, 2014, all 67 Pennsylvania Recorders of Deeds increased their recording fees by $10.00. Another $2.00 increase becomes effective on August 8, 2014.

In addition, as of July 1, 2014, the transfer tax valuation factors have risen in the vast majority of Pennsylvania's counties, including the Philadelphia suburbs and many counties in which Marcellus Shale activity and investment is prevalent.

Ken Milner

Categories: Real Estate