NJ Property Real Estate Taxes, Real l Estate Transfer Taxes, and The Economy -Poll Results
New Jersey real estate property taxes are too high – say 95.5% of the people surveyed by the NJAR® Governmental Research Foundation. If you live in Princeton NJ, or any other town in the state of New Jersey your reaction may be: “Duh…”. You don’t need this study to know the obvious -you have your bank accounts as proof:)
Recently we examined the effects of the proposed initiatives of President Obama, TARP and Senate on the Princeton NJ homes for sale. This study some obvious and some interesting facts.
NJ Real estate property taxes
On the solution to reduce NJ property taxes the study* found:
- 36.3 percent favor consolidation of government services,
- 26.8 percent favor changing the way schools are funded,
- 12.8 percent favor reforming the state pension system, and
- 12.3 percent favor reducing government services.
- 40.2 percent believe reducing taxes and government fees is the most important issue government leaders should work on in the next two years.
Princeton NJ residents know that several attempts to consolidate Princeton Borough and Princeton Township have been defeated. It’s interesting, but not surprising given the traditional NJ political stance, that there is no overwhelming support for reducing government services.
New Jersey Real Estate Transfer Tax
- 47.4 percent of residents support a proposal to eliminate state realty transfer fees.
- 86 percent oppose the idea of imposing a local realty transfer fee.
- 67 percent oppose the concept of enacting a seasonal rental tax.
It’s interesting that less then half of the surveyed want to eliminate realty transfer fees. I have not met Princeton home buyers who decide not to buy their home because of the transfer taxes.
Stimulating NJ Economy
- 95.5 percent believe that the real estate industry and housing market are important to New Jersey’s overall economy,
- 52.6 percent of people believe the state is on the wrong track,
- 32.5 percent believe it is headed in the right direction,
- 34 percent believe improving the economy and attracting more jobs to the state is the most important issue facing New Jersey.
- 67.4 percent oppose raising the gas tax to pay for expanding and improving the state’s transportation infrastructure.
- 54 percent prefer creating conditions that give incentives to builders to construct affordable housing rather making polices that require them to do so.
- 76.7 percent opposed eminent domain being used for the purpose of economic development.
Overall, the findings are not surprising. New Jersey believes in the critical importance of the housing market, wants government to reduce real estate taxes and fees, yet not willing to to use eminent domain or reduce governments services.
May be it does come under the category of “duh”:)
*Source: NJAR® Governmental Research Foundation
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