On Tuesday, Gov. Murphy presented the Fiscal Year 2020 budget proposal totaling $38.6 billion to a joint session of the State Legislature. It contains no increases to the realty transfer fee, a seasonal rental tax or tax on commissions.
The Governor proposed a $206 million school funding increase and $283 million for property tax relief. In addition, he called for Congress to restore the state and local tax deduction, and for the State Legislature to increase income taxes on those earning over $1 million. Lastly, funds were not proposed to divert from the NJ Affordable Housing Trust Fund.
The budget deadline is June 30. New Jersey Realtors
will monitor all budget proceedings to ensure taxes are not in the final budget that impact the real estate industry, homeownership, or private property rights. (content from New Jersey Realtors