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Blog by Karl von Loewe
Hillsborough, New Jersey
Real estate market information and occasionally spirited opinions about residential real estate in Somerset, Hunterdon, Mercer and Middlesex Counties by a REALTOR® with over a quarter century of experience. COMMENTS ARE WELCOME. Please use the Add Comment link at the bottom of the posting.

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Roll Back the NJ Home Sales Tax!
Posted at New Jersey Real Estate by Karl von Loewe
Sep. 9, 2007
Categorized in: Real Estate
Tagged with: nj government, real estate taxes

Some members of the NJ Assemby and Senate are attempting to increase the New Jersey home sales tax (called the real estate transfer fee), and even to allow municipalities to charge their own as well - creating a situation where homeowners lose even more of their equity. Here are some shocking facts:

The local Home Sales Tax will impact every municipality in New Jersey if adopted.
 
The total Home Sales Tax on an average home will have jumped 103% since 2003 if the local Home Sales Tax is approved.
 
The added local Home Sales Tax will increase the tax on an existing home sold at the state median price of $356
,700 by 13%.
The real estate transfer fee was created in 1968 to fund the recording of deeds in the counties of New Jersey.  It is now a revenue source for the State.  Even now, the tax amounts to nearly 1% of the sale price of a home.  In order to stop the expansion of the tax and try to roll it back to pre-2003 levels, go to http://www.NJHomeTax.com.  Register your position now.
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