Cranbury Forum | Bulletin | Info Sharing :: Topic review

Guest · Posted: Fri, Aug 29 2008, 5:05 pm EDT Post subject: Re: WHAT A JOKE

just because they're common doesn't make it okay. The fact that the government can skim off the top of every real estate transaction is not okay. That they keep taxing everything is not okay.

Guest · Posted: Fri, Aug 29 2008, 9:42 am EDT Post subject: Re: WHAT A JOKE

Transfer taxes are pretty common BTW. Many States have them, and often select counties tack extra onto them, just not usually this high.

Guest · Posted: Fri, Aug 29 2008, 7:36 am EDT Post subject: Re: WHAT A JOKE

It's been in place since Corzine took office, started by Cody. The time to challenge has come and passed. The only way to change it is to change Governors at this point.

Guest · Posted: Fri, Aug 29 2008, 7:32 am EDT Post subject: Re: WHAT A JOKE

I guess this is one of Corzine's attempts to keep people in NJ - tax the heck out of them if they try to leave!

I was unaware of this tax. I hope that somebody is challenging it.

Guest · Posted: Wed, Aug 27 2008, 10:11 am EDT Post subject: Re: WHAT A JOKE

In NJ all sellers regardless of where they move have to pay a realty transfer tax. The only difference is that those who move out of state pay more money.

From
http://www.njlawblog.com/2007/09/articles/residential-real-estate/new-jersey-realty-transfer-fees-due-on-sale-of-residences/

Sales Price Realty Transfer Fee
$500.00 to $350,000.00 $2.00 to $2,105.00
$350,000.00 to $1.0 million $2,105.00 to $9,575.00
$1.0 million to $2.0 million $9,575.00 to $21,675.00
and $6.05 per $500.00 in excess of $2.0 million

A reduced Realty Transfer Fee is available to senior citizens, blind persons, and disabled persons on the sale of one-or two-family residences which they own and occupy, and on the sale of low and moderate income housing.

Those reduced fees are:

Sales Price Realty Transfer Fee
$500.00 to $350,000.00 $.50 to $650.00
$350,000.00 to $1.0 million $650.00 to $4,675.00
$1.0 million to $2.0 million $4,675.00 to $11,475.00
and $3.40 per $500.00 in excess of $2.0 million

FAQ from the state of NJ
http://www.state.nj.us/treasury/taxation/lpt/rtffaqs.htm

If you sold your home and did not pay this tax at closing, I would contact the attorney who did the closing and make sure you met the qualifications for being exempt.

Guest · Posted: Wed, Aug 27 2008, 9:08 am EDT Post subject: Re: WHAT A JOKE

I heard the you have to pay NJ tax if you move to other state.

Guest · Posted: Wed, Aug 27 2008, 7:29 am EDT Post subject: Re: WHAT A JOKE

You should have paid it at closing. I sold mine last year as well. Here is a calculator and information.

http://www.vested.com/tax_calculator1.html

The exception is Furthermore, if the grantee is exempt from federal income taxation under IRC 501 (c)(3) or meets the requirements of the exempt transactions provided in N.J.S.A. 46:15-10, the transfer is exempt.

Guest · Posted: Wed, Aug 27 2008, 12:08 am EDT Post subject: Re: WHAT A JOKE

When was this enacted? I sold a home early last year and didn't have this.

That's a pretty steep tax, over 1%.

WoW · Posted: Tue, Aug 26 2008, 9:38 pm EDT Post subject: Re: WHAT A JOKE

Guest · Posted: Tue, Aug 26 2008, 9:27 pm EDT Post subject: Re: WHAT A JOKE

NJ has a realty transfer tax. Anytime you sell a home whether you move in state or out of state you have to pay a tax based on the sale price of the home. It came into being under our wonderful Gov. Corzine and unless you sell homes frequently or are in the industry you are not aware.

My home was only 400,000. A home at 800,000 in Cranbury would be around 9,000 in payment to the state.

Guest · Posted: Mon, Aug 25 2008, 9:52 pm EDT Post subject: Re: WHAT A JOKE

but · Posted: Mon, Aug 25 2008, 8:59 pm EDT Post subject: Re: WHAT A JOKE

Okay, so in that circumstance it's not demolition. What if I want to tear down my home and build one it's place. Look at the beach and how many homes are torn and rebuilt by the same owners. It seems some homes on Evans drive also were rebuilt over the years. Now, on top of the realty transfer tax they have a demo tax for affordable housing?

This makes no sense and needs to be revised. A person should have the right to rebuild and a right to tear down and rebuild without having to incur thousands in fees. It was bad when I sold my home and had to pay 4,500 to the state for the right to sell my home and move to Cranbury.

For a party that apparently is for the working people it seems they are doing anything but supportimg the working people. Either they support the ultra rich or they suppor the ultra poor. Anything in between and they expect us to foot the bill.

Guest · Posted: Mon, Aug 25 2008, 6:53 pm EDT Post subject: Re: WHAT A JOKE

"Apparently, the new regulations permit restoration work on the Ferraro's home to be classified as a demolition, triggering a required affordable housing fee. The new regulations state that, '[D]demolitions are a source of secondary housing demand, as they eliminate housing opportunities for low- and moderate-income households.' (5:93-2.9 Demolitions)

The key here is that Ferraro's home should NOT be classified as a "demolition." This is obvious.

Guest · Posted: Mon, Aug 25 2008, 5:12 pm EDT Post subject: Re: WHAT A JOKE

I agree completely. This is absurd! My heart goes out to this family and hopefully this will be fixed so they do not have to comply with these ridiculous rules.

Cranbury Conservative · Posted: Mon, Aug 25 2008, 3:17 pm EDT Post subject: Re: WHAT A JOKE

This story highlights the incompetence of Assembly Speaker Roberts, Senator Lesniak, Governor Corzine, Assemblywomen Greenstein and every other Democrat in power in Trenton that voted blindly along party lines for this unfair legislation.