Call on Lawmakers to Rollback Recent Increases to the Realty Transfer Fee and Reform New Jersey’s Broken Property Tax System
Edison, NJ – October 23, 2008 – (RealEstateRama) — Members of the New Jersey Association of REALTORS® (NJAR®) visited Trenton today to witness the legislative process in action and to discuss key issues that have an impact on property owners and the real estate industry, including realty transfer fees and property taxes. The first annual REALTORS®‘ Day in Trenton provided REALTORS® from around the state the opportunity to speak directly with the elected officials who develop and enact laws that impact the housing industry.
“This event was a wonderful opportunity for us to see first-hand how the legislative process affects our industry,” said 2008 NJAR® President Drew Fishman, CRS. “Going to Trenton is also an excellent way to bring attention to the issues REALTORS® in New Jersey care about. We appreciate that our elected officials took the time to meet with us to discuss their views on important topics such as the economy and our state’s housing market.”
During REALTORS®‘ Day in Trenton, Governor Jon Corzine served as the keynote speaker at the morning session. Senate President Richard Codey and Assembly Speaker Joseph Roberts joined him at a breakfast where attendees asked questions on wide range of topics important to real estate professionals and the buying and selling public. After breakfast, NJAR® members took tours of the State House and attended the Senate voting session and various General Assembly committee hearings.
Advocating that legislative leaders create a robust economy through lower taxes and tax breaks specifically targeted towards strengthening the Garden State’s housing market was a top priority for REALTORS® while in Trenton. They encouraged lawmakers to include a measure that rolls back the recent increases to the realty transfer fee (RTF) in the state economic stimulus package.
“For better or worse, our state’s economy is tied to the health of the real estate industry,” said NJAR® Executive Vice President Jarrod Grasso, RCE. “In fact, in 2006, it accounted for nearly a quarter of New Jersey’s gross state product and that is why any state economic stimulus package must seek to boost the residential and commercial real estate markets. It is vital that lawmakers pursue legislation that rolls back the recent increases to the realty transfer fee and repeals the 1 percent buyer’s tax on residential and commercial property.”
Grasso noted that increased realty transfer fees have added to closing costs and the overall price of homes, making it harder for many to become a homeowner in New Jersey. He pointed out that the RTF on the median priced home- $361,200- has increased 80 percent since 2003.
“For areas like New Jersey where home prices are higher, additional taxes and fees only make it more difficult for people to become homeowners,” added Grasso. “That is why it is important for Governor Corzine and the Legislature to also take steps to lower property taxes. Reducing property taxes is a commonsense way to help people afford to stay in their homes. Without question, skyrocketing property taxes have a long-term negative impact on the Garden State’s housing market. We can no longer afford to just provide property tax relief, true reform is needed now.”
In addition to advocating for property tax reform and repealing the 2003, 2004 and 2006 increases to the realty transfer fee, NJAR® members also called on lawmakers to enact a meaningful eminent domain reform measure and take steps to make homeowner’s insurance more affordable.
The New Jersey Association of REALTORS®, with approximately 53,000 REALTOR® and REALTOR-ASSOCIATE® members, is one of the largest trade organizations in the state. NJAR®‘s membership is comprised of real estate professionals who subscribe to a strict Code of Ethics and are members of the national and local REALTOR® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com.
For all media inquiries contact:
Danielle Alpert
Media & Public Affairs Coordinator
Phone: (732) 494-4730
Fax: (732) 494-4723
E-mail: dalpert (at) njar (dot) com
