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Old 10-31-2007, 05:49 PM
85 posts, read 293,581 times
Reputation: 48


Thanks to Ellwood for bring up this important point...

Our New Jersey Legislators are considering proposals to add to the already existing New Jersey Transfer Tax.

The 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. Currently, there is a realty transfer fee on all sales in New Jersey. This fee has drastically increased over the years, adding to your closings cost.

The new proposals would allow local municipalities to collect an additional tax that would amount to the homeseller gaining less equity in the sale of the 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 could increase by approximately 13 %.

Contact your State Legislator and direct them to not allow this proposal to become law.

Please take the time to contact our Legislators and pass the word on to your family and friends in New Jersey.
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