Malvern Raises Its Realty Transfer Tax

Malvern Borough Council unanimously voted to raise its local realty transfer tax from the current 1% rate to 1.5%. The Suburban REALTORS® Alliance sent a letter to borough council members urging them to reject the tax increase, which would be an unstable source of revenue and place unequal burdens on a small number of residents. Realty transfer taxes are typically capped at 1% by the state, but Malvern Borough is a home rule municipality, which allows it to exceed the cap. The majority of residents in attendance at the meeting spoke against the increase and more than 60 messages were sent to council in opposition to the increase ahead of the meeting.

Source: Daily Local; 12/13/2021