On June 30, 2016, Gov. Chris Christie signed the Fiscal Year 2017 state budget in to law after issuing a line-item veto to remove approximately $300 million in spending from the budget.
The 2017 budget totals $34.5 billion, and for the eighth year in a row contains no tax or fee increases including those on any area affecting homeownership or the real estate industry. New Jersey Realtors® always monitors the state budget process to ensure no new taxes or fees are placed on real estate, including a realty transfer fee increase, tax on commissions, and seasonal rental tax.
The 2017 budget includes a $526 million increase in education spending, which will help to offset local property taxes as well as $10 million for the Lead-Safe Home Renovation Pilot Program.