Hi Everybody

New Jersey Home Buyer Tax Credit in the News



We could all use some good news for a change couldn't we?

Now that the Federal home buyer tax credit has expired, New Jersey home buyers have come a little bit closer to getting a terrific benefit from our home state government.


Last week the New Jersey State Assembly passed a bill on Thursday that would provide New Jersey home buyers with a tax credit of up to $15,000. The bill still needs to pass the State Senate before it becomes law. The details are not yet announced but here are some of the highlights.

The tax credit is to be paid out to home buyers over three years. During which time the new buyers must continue to occupy the home. The credit has benn capped at a total of $100 million, which will be distributed on a first come first served basis.



$75 million of the total credit is earmarked for new construction.

This emphasis put on new construction is because that sector of the housing market has been lagging behind resales for quite sometime now. If new home construction can get back on its feet, it will provide a bigger stimulus in terms of new jobs that does resale housing.

We are going to be watching the developments of this new bill with great anticipation, and how it will effect us in Bergen County and the real estate market, if and when it becomes a reality.

Keep your fingers crossed.