The State Legislature is currently considering two bills in the Fiscal Year 2019 budget negotiations that will have detrimental effects on New Jersey's shore towns and potential homeowners.
NCJAR & New Jersey Realtors® urges you to let your representatives know that these financial burdens hinder the path to homeownership in New Jersey and will have negative impacts on the Garden State's tourism industry.
The first bill proposes a seasonal sales tax on rental properties, which could greatly hurt the Jersey Shore. Any new taxes on homes being rented could push tourism to neighboring and more affordable states, and strip these communities of thousands of jobs and the state millions of dollars in economic activity. Still recovering from the aftermath of Superstorm Sandy, we cannot add anymore financial hardships to these communities.
The second bill will increase the Realty Transfer Fee by one percent on homes being sold for over $1 million. New Jersey's high-end market is still struggling, and adding another financial burden to homeowners already paying some of the nation's highest property taxes will only hurt the housing market.