Monday, June 12, 2006

New Taxes For Jersey City

From the Jersey Journal:

TAX BELIEF
By JARRETT RENSHAW

Hudson County's Assembly delegation wants to help Jersey City's ailing budget by giving city officials the power to create new taxes, including a controversial 1 percent city payroll tax aimed at companies with 100 or more employees.

The other revenue-generating proposals included in two bills introduced in the Assembly on June 1 would allow Jersey City to charge a 1 percent real estate transfer fee on all homes sold in the city, and would establish a hotel occupancy tax.
...
The two bills, A-3190 and A-3191, are aimed at cities with at least 150,000 residents, which includes just Jersey City and Newark.

Mayor Jerramiah Healy, who initially pushed for the bills, called the hotel tax and the real estate transfer fee "no brainers" Friday, but stayed away from discussions on the payroll tax.
...
Healy claims the real estate transfer fee and the hotel tax would each generate roughly $3.5 million annually, and he calls those estimates conservative.

Currently, the state imposes a 5 percent real estate transfer fee, with roughly 20 percent of the proceeds going to the county and the rest to the state coffers. The proposed bill would allow Jersey City to increase the transfer fee from 5 percent to 6 percent and allow it to keep 1 percent of the revenue.

"It is not a fee, it's a tax," said Joe Hottendorf, executive director of Liberty Board of Realtors. "This is directly aimed at homeowners in Jersey City. Why go after people that are bringing ratables to the city? It just doesn't make sense."

10 Comments:

Anonymous Anonymous said...

I thought new developments were to increase tax rolls and lessen the burden of long time residents.

LOL, NJ is becoming a sick joke.

We need a real media in NJ to stop this crap and favoritism to campaign contributing developers and their politicians. The reason why they can get away with all this is because NJ's media works for the developers, there is no TV news because that news is geared towards NYC.

THe crooks have no one watching them.

6/12/2006 09:13:00 AM  
Blogger Richie said...

The real-estate transfer tax reminds me of when landlords wanted stock options of any internet companies that moved into their space back in the dot-com era.

Remember what happened next?

-Richie

6/12/2006 09:38:00 AM  
Blogger Richard said...

the typical approach to any NJ budget deficit problem, raise taxes. these people ought to take a page out of bloomberg's book on how to find other ways to address budget shortfalls. you can't keep taxing residents and businesses to death. same old song...

6/12/2006 09:40:00 AM  
Anonymous Lee S. said...

For those who don't believe realtors are just looking for their commission:

Posted from:
http://www.realestatejournal.com/columnists/housetalk/20060609-fletcher.html

Question: I am a first-time home buyer. The listing sheet and financing documents for the home said it was in Erlanger, Ky. But at closing, I found out that the house is actually in Elsmere, Ky., the neighboring city. I now own this house, but don't want to live in Elsmere. What can I do at this point?

-- John Dimitriadis, Elsmere, Ky.

6/12/2006 10:28:00 AM  
Anonymous Anonymous said...

NJ is amazingly corrupt. I agree the media needs to report the facts -government waste and spending are factual news, not a tabloid article that can be spun.

6/12/2006 10:29:00 AM  
Anonymous Anonymous said...

This is why you are a dumbass if you buy in Jersey City/Hoboken area especially or in Hudson County in general.

Instead of getting rid of the double dipping jobs -> Politicians holding more than 2 elected positions; or getting rid of Epps -a Jersey City politician that spent $24K of tax dollars on trip to London, and yet is always late on paying his own property taxes..

What do they do, find creative ways to raise taxes... Like Jersey City was that SPECIAL..

6/12/2006 11:43:00 AM  
Blogger pesche22 said...

its another screw job of the taxpayer. but wait,,, theirs more.

new jersey has been a sick joke for years. (did you order McGreeveys book),

does anyone believe the newpapers would turn on the pols, (no)
cause who do you thinks buys the ads . and we have a gov. now,, who has to pander to the folks who
elected him.

6/12/2006 03:12:00 PM  
Anonymous Anonymous said...

;), dont worry I am fully aware of who owns the media and who the developers are, they have a nice wealth generation plan for themselves dont they? WE foot the bill for everything.

6/13/2006 12:46:00 PM  
Anonymous Anonymous said...

. Silence Is Golden: Be courteous but don't force conversation with a potential buyer. He wants to inspect your house, not pay a social visit.
Go here for more ideas.

6/23/2006 05:09:00 PM  
Anonymous Anonymous said...

Potential buyers have to say "yes" many times to purchase your home ... but a single "no" over a seemingly minor item can kill the deal. You can do something about this.

6/24/2006 06:32:00 PM  

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