Pennsylvania school tax increase set for 2012-2013.

School taxes are set to increase in less than three years throughout Pennsylvania due to a pension increase lawmakers voted for themselves in 2001:

Think your school taxes were high this year? Start saving for 2012-13.

That's when Pennsylvania property owners will pay a lot more money to cover the generous pension bump state lawmakers awarded themselves, school employees and state workers in 2001.

H/T Pittsburgh Tribune-Review

The tax hikes will cost the average property owner $558.00.

Jay Himes of the Pennsylvania Association of School Business Officials has tried to estimate the effect on particular school districts:

"I was in the Erie area the other day, and one school district there calculated they would have to raise taxes 14 mills on top of their 48-mill taxes to cover it. That's a 25 percent property tax hike just to cover retirement costs. I don't think the property owners will stand for it. Something absolutely has to happen," Himes said.

Read the Tribune-Review article for the history of the pension increase.

Needless to say, as these tax hikes approach, property prices in Pennsylvania will face downward pressure.