An Act requiring school districts to provide annual notice relating to certain pension and other postemployment benefit obligations; and providing for property disclosure statement and for duty of State Real Estate Commission.
INTRODUCED BY RYAN, BERNSTINE, COX, DIAMOND, GROVE, MAHER, STAATS AND MOUL
Under current law, a person purchasing property does so without knowing the full amount of debt they could incur through the school property tax. That debt would provide foreknowledge of possible future tax increases related to pensions and other postemployment benefits
School District pensions are not currently guaranteed by the state and could become the full responsibility of the property owners in a school district. Home owners should have this information fully disclosed to them at the time of purchase.
PAPRA supports this legislation.
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