TRENTON, NJ - Senators Diane Allen, Kevin O’Toole and Jeff Van Drew introduced today bipartisan legislation to repeal all Realty Transfer Fees in New Jersey.
“I am proud to have bipartisan support for this initiative to help all of New Jersey’s property owners keep thousands of their hard earned dollars,” said Deputy Republican Leader Allen (R-Burlington). “This legislature has the opportunity, and the duty, to correct some costly wrongs done under previous administrations. By working together we can indeed give a break to the middle class — including those struggling to make ends meet, facing short sales or foreclosures — in our uniquely expensive state.”
“This repeal effort launched by Gov. Christie sends a clear message to our constituents: we know how to cut your taxes to give you greater opportunities,” said O’Toole (R-Bergen, Essex, Morris, Passaic). “We will work tirelessly to completely reverse the course of past administrations that piled on to your tax and fee burdens.”
“New Jersey residents already pay the highest in the nation taxes on their homes while they own them. They shouldn’t be hit with another tax once they decide to sell," said Senator Van Drew (D-Cape May, Cumberland, Atlantic). “We are working together to eliminate this unnecessary fee and to provide relief to our residents, in particular to those struggling in this economy who can no longer afford the high cost of owning their current homes.
“Moving this forward is the common sense thing to do, and I am particularly gratified that Governor Christie has pledged to maintain the commitment to $25 million in beach replenishment funding,” Van Drew added.
The Senators’ legislation introduced today would eliminate the realty transfer fee — and all of the layers that have been added in recent years to the fee — on or before July 1, 2015. Before that date, if the state realizes $300 million in excess revenues over a two-month period, then the repeal can kick in immediately. The bill requires that any programs currently funded by RTF revenues must be covered by other general fund revenues.
“I look forward to the swift passage of this repeal, starting with our partner Senator Van Drew posting it for a vote before the Community & Urban Affairs Committee,” Allen concluded. “We urge more of our colleagues from across the aisle to help Senate Republicans address excessive taxes and fees and make New Jersey the place to be.”