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Royceb...you're well informed....most folks have no idea that that's all ready on the table
Thanks JB. I think it is everyone's duty as Americans to know about this stuff. Sadly, we care more about Brad and Angelina. People don't care, vote stupid, and you get what you have now in NJ - a "progressive paradise" where only the very poor and very rich can survive.
There's a great recent study by the Goldwater Institute that show the best states at fighting poverty are also the states with the least amount of taxes. NJ, of course, was at the bottom of the list at getting people off the poverty level. We love the status quo.
Rangel also wants the draft. He's a dimwit. My wife and I have always thought that there was no middle class in NJ. I guess I'd be considered middle class, but I can't afford the taxes for property, and I don't benefit from all of those taxes like the poor.
There is a plan put forth by Charlie Rangel (D-NY), Chairman of the Ways & Means Committee, that puts forth a plan to tax you on appreciation - or an unrealized gain - on your property. Since that committe has taxing power and Rangel is a borderline socialist, you will see this more in the next 4 years.
Does this mean if your home depreciates, you're get a refund from the state....LOL....Damn, I now I have to go change my pants from laughing so hard.
Also...from the original post...it's not a Loan . It's a tax. Your money is gone..as in bye bye. thank you very much. Can you imagine the logistical nightmare of trying to return a "loan" to those who have moved out of state..might be deceased ?? etc etc etc. Dosen't make any sense.
Hi JB,
My accountant told me that I will get it back with next year's tax return. So I consider it a loan, Can you imagine so poor sod paying the intrest to borrow that amount for a year? It is entirely possible with these new intrest only mortgages. Surprise - Surprise!
If you can provide ANY documentation to support your notion that the transfer fee (the NJ states term...not mine) is in fact a loan I'd like to see it. Please provide any documentation to support that claim. Otherwise IMHO you might want to seek out another "accountant".
IM A REALTOR and it is what it is....the realty transfer tax is all over the country it varies were as the NYS realty transfer tax is over 2% now.....JB it isnt a loan or anything it is a 1 time fee YOU MUST PAY AT CLOSE Just ask an ATTORNEY for the state OF NJ who does REAL ESTATE.....
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The NJ government thrives off ignorance.
loan or tax..
