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Another Transfer Tax?

We are all acutely aware of the state transfer tax that sellers must pay. Now comes legislation in both the assembly and state senate to allow municipalities to impose another transfer tax on sellers.

Clearly this over the top and could not have come at a worse time when sellers are taking a beating on the sale of their property.

Visit the website below to get more information and register your opinion with elected officials. Make sure that you pass this on to anyone with property on the market currently. http://www.njhometax.com/

Posted by William Collins, Broker Associate on 08/02/2007 08:56 AM

Comments (2)

transfer tax, state, city, sellers, taxes, real estate, assembly, senate

Originally posted at: Central New Jersey Real Estate: Another Transfer Tax?

This post has been included in New Jersey Information

2 Comments on Another Transfer Tax?

AUG

2007

William - You are so right this could not be happening at a worst time. In the town of Red Hook in my market place a two percent tax was passed and will affect any purchased over the county's median price. This is to be paid by the buyer. The town right now has a high inventory level and I think this tax certainly complicates things.

Hi Bill,

I heard rumblings about this a while back and got an e-mail yesterday. It could be pretty devastating to the business. Thanks for the post!

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