New Jersey Realtors calls for graduated percent fee relief

"At a time when affordability remains one of the state's most pressing challenges, adding additional transaction costs makes it harder for buyers and sellers to participate in the market that so desperately needs participation. New Jersey Realtors said the state should consider reducing or reforming the fee as it applies to residential housing."

"We cannot tax our way to housing affordability. Policies that increase the cost of buying and selling homes ultimately make housing less attainable for the very residents we are trying to help."

"When the cost of a transaction rises, it affects buyers and sellers mobility in the housing market, and ultimately housing supply for all price points."

New Jersey implemented a Graduated Percent Fee in July, replacing the previous 1% mansion tax with a tiered structure paid by sellers. Properties between $1-$2 million face 1% fees, escalating to 3.5% for sales above $3.5 million, with fees applied to entire purchase prices. New Jersey Realtors CEO Doug Tomson argues this policy exacerbates affordability challenges and reduces market participation. The organization contends that increased transaction costs harm both buyers and sellers, ultimately reducing housing supply across all price points. Realtors urge the state to reconsider or reform the fee for residential housing, warning that policies affecting transactions create unintended consequences throughout the market.

Read at www.housingwire.com