Trenton (still) refuses to tackle the onerous fee that’s really an insidious tax
Posted by Joe Sinagra On February 11, 2015 2 Comments
By Joe Sinagra | The Save Jersey Blog
The Realty Transfer Fee (RTF) was established in 1968 to offset the costs of tracking real estate transactions. It may be called a fee, Save Jerseyans, but in reality it’s another insidious stealth tax place upon New Jersey home owners. Sometimes this tax is referred to as an “exit tax.”
How does it work? The New Jersey Division of Taxation states that the Realty Transfer Fee is calculated based on the amount of consideration recited in the deed or, in certain instances, the assessed valuation of the property.
Why? This tax started out as a $350 flat fee paid to help support the recording of real-estate transactions such as the upkeep of books, records and maps keeping them up to date.
And what does the size or value of your property have to do with how much tax the seller pays? I would think in this day and age, with all the technology we have, that all of this record keeping should not be as involved as it once was. If the county clerk’s office where all these transactions get recorded, supposedly became more modern and efficient, why have the costs escalated other than being an easy money grab for the state as a guaranteed source of revenue.
https://savejersey.com/2015/02/realty-transfer-fee-new-jersey/
In this state if it eats, shits, breathes, or has a pulse….they tax it.
That picture is classic Ridgewood!!!