“Creating a local Home Sales Tax will further raise closing costs and overall home prices,” said Jarrod C.Grasso,  NJARR vice president of government affairs. “It will unfairly erode the equity that homeowners may have accumulated over the years.”  Home sellers will feel the strongest impact from a local Home Sales Tax.  The home seller typically pays the Home Sales Tax, which is based on the sales price of the property. The result is an instant reduction of  homeowner equity.  “We call it a “tax” because that is what this once insignificant charge to record  property transactions has turned into,” said Grasso. 

“Realtors have been continually fighting increases in the Home Sales Tax on behalf of  homeowners.”   The current Home Sales Tax due on a home sold for $356,700 - the median price for an existing home in New Jersey - is $2,799. With the extra local tax, the Home Sales Tax bill would increase 13% to $3,156.

Tell your legislators, Enough is Enough!

Learn more about this and sign the petition to stop the tax at: http://www.njhometax.com/

You can also read more at the New Jersey Association of Realtors (NJAR): http://www.njar.com/