VOTE: Should NJ do away with the Realty Transfer Tax?
Jim referred to a great article today by Joe Sinagra. If you are buying or selling a home, even just a homeowner, you need to be aware of this ridiculous tax that will affect you.
Joe Sinagra wrote a great piece entitled "Getting Mugged in NJ: The Regressive Realty Transfer Tax," which discusses how New Jersey residents are getting robbed by an outdated tax that no longer serves the purpose it was intended for. It's also known as the 'exit tax.'
Sinagra has a great line within the story that compares what the realty tax is akin to:
Nothing has changed and we let our pockets get turned inside out year in and year out. It’s like getting mugged in an alley every day but yet we keep taking the same path home.
While Governor Christie has said that he would be happy to sign any legislature to repeal the exit tax, no legislator has made an effort to write a bill that would do just that.
So what do you think? Should NJ do away with the realty transfer tax? Take the poll below.