NEW JERSEY REAL ESTATE TAX PROPOSAL

NJ Homes Sales Tax Proposal – Attention NJ Residence!! As many of you are already aware, the real estate market in New Jersey is not the greatest as of late. A lack of buyers and abundance of inventory have made selling your home quite the task, and now your New Jersey Legislators have numerous proposals that will make it even more difficult. These proposed bills are A-3190,S-2643,A-3387,S-2080, and A-3341. These bills would permit local governments to impose an additional tax on the sale of your home. As of today, there is a realty transfer fee on all sales in the state of New Jersey, which began in 1968, as a nominal charge for keeping track of real estate transactions. This fee has drastically increased over the years, adding to your closings cost, and the overall price of you home*. Now, with these new proposals, the state would allow local municipalities to collect an additional tax that would amount to you, as a seller, gaining less equity in the sale of your home. For example, the current homes sales tax due on a home that sells for $356,700.00,(the current median home price of a home in the state of New Jersey), would be $2,802.00, with the additional tax, that number would increase by an amazing 13 %.* Many sellers are thinking, “I will just adjust that asking sale price of my home then”, this is the wrong answer! With that adjustment, you will be inflating the purchase price of your home, making it more difficult for homeownership for more families, and limiting the amount of buyers who can afford your home. As a Realtor, it is my job to inform you that this tax will have a direct negative effect on the sale of you home. I am also encouraging you to contact you local State Legislator, and ask them to not allow this proposal to become law! For more information please visit – www.NJhometax.com , and sign the petition against these bills! Thank You Nicolaus T. Juba Broker – Associate Re/Max Team Vision The Juba Team Member NJ Association of Realtors