Local Home Sales Tax Legislation

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Local Home Sales Tax Legislation Proposed During the 212^th Legislative Session

A3190 – Quigley (D32), Epps (D31), Prieto (D32)/ S2643 – Doria (D31)

Permits a local realty transfer fee on property located in cities of the first class.

This bill permits a municipality that is a city of the first class, by ordinance, to impose a local realty transfer fee on the conveyance or transfer of real property within the municipality, to be paid to the county recording officer by the grantor at the time the deed is offered for recording. The amount of the local realty transfer fee that would be permitted is $0.50 per $500 of consideration or fractional part thereof recited in the deed. The local realty transfer fee would be in addition to the realty transfer fees currently imposed by law.

Assembly Bill History:
6/1/2006 – Introduced and referred to Assembly Housing and Local Government Committee.

Senate Bill History:
5/10/2007 – Introduced and referred to Senate Community and Urban Affairs Committee.

A3341 – Manzo (D31), Stack (D33)
Permits cities of the first class, by ordinance, to establish a local realty transfer fee.

This bill permits a municipality that is a city of the first class, by ordinance, to impose a local realty transfer fee on the conveyance or transfer of real property within the municipality, to be paid to the county recording officer by the grantor at the time the deed is offered for recording. The amount of the local realty transfer fee that would be permitted is $0.50 per $500 of consideration or fractional part thereof recited in the deed.

Assembly Bill History:
6/19/2006 – Introduced and referred to Assembly Housing and Local Government Committee.

Senate Bill History:
5/10/2007 – Introduced and referred to Senate Community and Urban Affairs Committee.

A3387 – Quigley (D32), Prieto (D32)
Authorizes municipalities to establish a local realty transfer fee in the amount of $0.50 per $500 of a property's purchase price.

This bill permits any municipality, by ordinance, to impose a local realty transfer fee on the conveyance or transfer of real property within the municipality, to be paid to the county recording officer by the grantor at the time the deed is offered for recording, in the amount of $0.50 per $500 of consideration or fractional part thereof recited in the deed. The local realty transfer fee would be in addition to the realty transfer fees currently imposed by law.

Assembly Bill History:
6/26/2006 – Introduced and referred to Assembly Housing and Local Government Committee.

S2080 – Kenny (D33)
Permits a local realty transfer fee.

This bill permits a municipality, by ordinance, to impose a local realty transfer fee on the conveyance or transfer of real property within the municipality, to be paid to the county recording officer by the grantor at the time the deed is offered for recording. The amount of the local realty transfer fee that would be permitted is $0.50 per $500 of consideration or fractional part thereof recited in the deed. The local realty transfer fee would be in addition to the realty transfer fees currently imposed by law.

Senate Bill History:
6/22/2006 – Introduced and referred to Senate Community and Urban Affairs Committee.

News Center

Will JC home sellers face new fee?
Hudson Reporter
December 2, 2007

Bill lets towns tax sale of homes
Herald News
November 6, 2007

MCAR Urges Residents to Help Stop Proposed Taxes
Toms River Times October 27, 2007

Get the Facts

The local Home Sales Tax will impact every municipality in New Jersey if adopted.

The total Home Sales Tax on an average home will have jumped 103% since 2003 if the local Home Sales Tax is approved.

The added local Home Sales Tax will increase the tax on an existing home sold at the state median price of $356,700 by 13%.

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Campaign paid for by:
New Jersey Association of REALTORS^®
Issues Mobilization Political Action Committee.

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