Northern NJ Real Estate

In response to NJAR®'s Local Home Sales Tax campaign, the League of Municipalities sent a notice to New Jersey mayors urging them to write legislators in support of a local realty transfer fee.  In this week’s edition of NJBIZ Assemblywoman Joan Quigley, prime sponsor of local transfer fee legislation, referenced the Home Sales ...

Governor Jon Corzine on April 3 signed into law the final two pieces of property tax reform legislation. The new laws provide property tax credits, cap property tax increases and make it easier for local governments to share services. Corzine signed A-1 (Roberts, McKeon)/S-20 (Codey, Kenny), which will provide property tax credits of 20 percent ...

The Facts (All statistics are from 2006 unless otherwise indicated) New Jersey has the highest property taxes per capita of any state in the nation (2004). New Jerseyans pay $20.9 billion in property taxes, almost as much as they pay in State income, sales and corporate taxes combined, a 6.8 percent increase.  Businesses pay 26 percent of ...

NJAR (New Jersey Association of Realtors) received notification late last night that a bill which would allow municipalities classified as “cities of the first class” to impose a local realty transfer fee (RTF) in the amount of $.50 per $500 of consideration is scheduled for a hearing on Monday, March 5 by the Assembly Housing and ...

The Senate on January 29 gave final legislative approval to property tax reform bills that would create a State comptroller position to monitor spending, reform pension laws, and encourage towns to consolidate and share services. The measures now go to Governor Jon Corzine. Meanwhile, the Senate is scheduled to vote February 5 on A-1 (Roberts, ...

Saying the time to act is now, Governor Jon Corzine used his first State of the State address on January 9 to prod legislators to enact comprehensive property tax reform. Corzine offered no new property tax reform proposals, but went through a long list of recommendations on which he and legislative leaders agreed in principle. Corzine also hinted ...

Governor Jon Corzine, Senate President Richard Codey, and Assembly Speaker Joseph Roberts on January 3 agreed to key elements of property tax reform, according to several published reports. Under the agreement, property tax credits for certain households would be linked to legislation capping annual property tax increases. Legislative leaders also ...

Assembly members passed numerous property tax reform bills in marathon voting sessions held December 11 and December 14, but the measures are still awaiting action in the Senate, which will probably address them in January. Some of the property tax measures that received approval are: • A-4 (Roberts), which would make it easier for local ...

The four joint legislative committees that have been studying ways to reduce New Jersey’s highest-in-the-nation property taxes released 98 specific recommendations for reform on November 15. The one receiving the most attention would reduce the property tax bill of a majority of homeowners by 20 percent in the first year. In total, the ...

Senate President Richard Codey and Assembly Speaker Joseph Roberts have said the property tax reform plan they are working on will not include shifting the tax burden to other local taxes, such as a local sales tax or income tax. In a November 6 Star Ledger article, the top two legislative leaders said they were focusing on a revised school ...