As established by Act 50 of 1993, the Keystone Recreation, Park and Conservation Fund is funded through a dedicated portion of the realty transfer tax, a joint tax paid by the seller and buyer during a real estate transaction. The seller and the buyer are each required to pay 1% of the total purchase price, for a total of 2%. Half of this (1%) is allocated to state government (the other 1% is divided equally between the local municipality and the local school district).
Fifteen percent (15%) of the state’s share of revenue from this tax is then placed into the Keystone Fund to be allocated to projects as established by law.
Since the Keystone Fund relies solely on the realty transfer tax, changes in the volume of real estate transactions and real estate values directly impact the amount of revenue dedicated to the Keystone Fund each year.
