Facts (PDF)
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Facts
(PDF) - (Spanish) |
Impact (PDF) - (Spanish)
What is the New Jersey Home Sales Tax?
The Realty Transfer Fee, which we refer to as the New Jersey Home Sales Tax, is a state-imposed fee begun in 1968 as a nominal charge for tracking real estate transactions. It has increased dramatically in recent years, adding to closing costs and the overall price of a home.
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Why be concerned about the New Jersey Home Sales Tax now?
The New Jersey State Legislature in the past has considered increasing the Home Sales Tax by permitting individual municipalities to establish their own fees in addition to those charged by the state.
Read the Legislation
What can I do?
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Send a letter to your legislators opposing a local home
sales tax. Express how the local tax will impact
commercial property owners by
clicking here.
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Sign the petition at the left of this page.
Is your legislator
opposed to a local home sales tax?
Click here to view a list of New Jersey senators and assembly
representatives who have pledged to oppose legislation that
increases or expands the realty transfer fee.
Will this extra tax impact my town?
Legislation was introduced in the 212th Legislature that would allowed every municipality to create their own Home Sales Tax will impact your town.
Read the Legislation
Will a local transfer fee
apply to the sale of commercial property?
Yes. The Realty Transfer Fee currently applies to the transfer of all real property in New Jersey. Previously introduced legislation allowing for a local Realty Transfer Fee would also have applied to the transfer of both residential and commercial property.
Send a letter protecting commercial interests.
How much more will I pay when I sell my home?
The current Home Sales Tax due on a home sold for $356,700 − the median price for an existing home in New Jersey − is $2,799. With the extra tax, the Home Sales Tax bill would increase 13%.
View how this may impact you.
Has the New Jersey Home Sales Tax increased over the years?
The New Jersey Home Sales Tax on an average home has increased 80% since 2003. The extra municipal Home Sales Tax will push the total Home Sales Tax bill up 103% since 2003.
How does the New Jersey Home Sales Tax impact home sellers?
Home sellers are perhaps the single group that will feel the greatest impact from these increases. The home seller typically pays the Realty Transfer Fee, which is based on the sale price of the property. The result is an instant reduction of homeowner equity.
How does the New Jersey Home Sales Tax impact home buyers?
Some home sellers will pass along the cost of the Home Sales Tax to the home buyer. This inflates the price of homes and makes homeownership more expensive for families.
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