The State Legislature is currently considering extending the sales tax to seasonal rental properties and increasing the Realty Transfer Fee (RTF), which would be detrimental to New Jersey’s summer tourism industry and add another financial burden for potential homeowners.
According to the New Jersey Realtors®’ 2015 “Tourism Economics” study, if New Jersey enacts a seasonal rental tax, the Garden State could lose approximately $100 million in economic activity; including nearly $1,000 per week in visitor spending on transportation, food, shopping and entertainment, and nearly 1,000 jobs. There would also be an immediate loss of $20 million in tax revenue.
Increasing the Realty Transfer Fee will add one more financial hurdle for homeowners, who are already facing some of the nation’s highest property taxes.
New Jersey Realtors® urges you to let your representatives know that these financial burdens hinder the path to homeownership in New Jersey and will have negative impacts on the Garden State’s tourism industry.