NJAR® Action Center

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NJAR® Action Center
NJAR® Action Center

What's At Stake?

You Can Help Stop the New Jersey Home Sales Tax

The New Jersey Home Sales Tax is officially known as the Realty Transfer Fee (RTF).  We call it a “tax” because that is what this once insignificant charge has turned into after nearly 40 years of steady increases.  Home sellers pay the tax, which is based on a home’s sales price.  This state-imposed fee was established in 1968 to offset the costs of tracking real estate transactions. During the years since, the RTF was increased numerous times, impacting home sales negatively throughout the Garden State, as well as the overall economy.
 
The Home Sales Tax erodes equity that homeowners may have worked hard to build up in the homes over the years.  It ratchets up closing costs and overall home prices, creating far-reaching effects that literally rip away the "American Dream" of homeownership for too many deserving New Jersey families.  Unfortunately, efforts are now underway to increase the tax yet again by permitting individual municipalities to establish their own fees in addtion to those already charged by the state.
 
Learn more by visiting www.njhometax.com.
 

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