Industry News

Real estate transfer fee saga continues in New Jersey

Bill would raise taxes on home sales above $350,000

In response to legislation introduced Monday in the state Assembly that raises the state's realty transfer fee, the New Jersey Association of Realtors launched another letter writing campaign opposing the legislation. A3115-Cryan raises the realty transfer fee on home sales above $350,000. The seller of a home priced at $349,000 will not see an increase over the current transfer fee. The seller of a home priced at $375,000 will pay 29 percent more than what they would pay under the current fee structure. "New Jersey has witnessed strong home-price appreciation in the past year. As such, more and more homes will be subject to the higher transfer tax rate than ever before and unfortunately it will make it harder for working families to afford a home in New Jersey," said NJAR President Charles Oppler. NJAR has been fighting an increase in the realty transfer fee since Gov. McGreevey proposed the increase in his FY 2005 budget. Since the budget was proposed in February, Realtors have sen...