HARRISBURG – Revenues from the retail liquor privatization plan introduced by Senator Chuck McIlhinney (R-10) today would be used to create a special fund to freeze property taxes for senior citizens.
Under McIlhinney’s plan, any increase in profits over the previous year would be deposited into a new Senior Citizen Property Tax Relief Fund to be managed by the Pennsylvania Treasury. Money in the Fund could only be used to reduce any property tax increase incurred by senior citizens.
“One of the biggest weaknesses of the current property tax system is the crippling effect of tax increases on individuals and families living on a fixed income, including our senior citizens,” McIlhinney said. “Creating a new program to freeze property taxes for seniors would help ensure more of our older residents can age in place instead of being taxed out of their homes.”
The privatization plan approved by the House in April would have generated a one-time infusion of funding for education programs. The property tax freeze proposed by McIlhinney would be available for seniors on an ongoing basis.