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The short explanation of this alert was:

NJAR 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 Local Government Committee.

Take action against this bill now!

Sponsored by Assemblywoman Joan Quigley (D32) and several Hudson and Essex County legislators, A3190 will apply to those cities with a population of more than 150,000 residents, currently only Jersey City and Newark.

Allowing for a local RTF in addition to the RTF imposed by the state sets a bad precedent. In this time of fiscal restraint when the state has capped local spending at 4% per year municipalities will be seeking ways to generate more revenue. If we don't stop this measure other municipalities may look to expand this legislation to allow for their own RTF.

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