NJAR Campaigns Against Increase in Realty Transfer Tax

The New Jersey Association of Realtors has launched a public awareness and advocacy campaign aimed at raising public understanding of the proposed legislative increase of the tax and how it will affect property values and raise the cost of selling a home.

The NJ Home Sales Tax is officially known as the Realty Transfer Tax(RTF). This state imposed fee has been charged to sellers since 1968 to offset the cost of tracking real estate transactions in the state. In the years since, the RTF has increased numerous times and currently includes a “buyers tax” paid on properties over $1million. The NJ Home Tax has increased 80% since 2003 on the sale of an average home.

The NJ State Legislature is considering permitting individual municipalities to establish their own Home Sales Tax which would amount to raising the RTF.

For more information and to sign a petition against this proposal, go to www.njhometax.com. There is concern that plans for a local RTF will move forward when the legislature enters the lame duck session in November.