Headlines

While property taxes in New Jersey are still far higher than most Garden State homeowners would like, they are now a more predictable expense, thanks in part to lobbying efforts of the New Jersey REALTORS®. The association successfully lobbied the state legislature and governor to limit the rate of future property tax increases.   New Jersey property owners have had the dubious distinction of paying the highest property taxes in the nation. In recent years, they have seen their property tax bills go up by as much as 12%…

At a special council meeting on March 30, the Vernon Township Council discussed a new property maintenance ordinance, which the Sussex County Association of REALTORS® and New Jersey REALTORS® have raised several concerns with. After hearing the concerns raised by local REALTORS® and concerned citizens involving the proposed new property maintenance requirements, fines associated with them, and appeal process, the Mayor and several council members also raised similar concerns. SCAR and the NJ REALTORS® will be working with the Mayor…

In late March, the NJ REALTORS® Leadership Team, accompanied by staff from the Government Affairs department, visited Washington, D.C. for a series of key meetings with members of Congress.   Over the course of three days, NJ REALTORS® met with seven members of Congress — Congressman LoBiondo, Congressman Garrett, Congressman Sires, Congresswoman Watson Coleman, Congressman Pascrell, Congressman Frelinguysen, and Congressman Lance — staff from the offices of Congressmen Norcross, MacArthur, Smith, Pallone and Payne, and the…

During the week of March 27, the House Financial Services Committee passed 11 bills out of committee on a mostly bi-partisan basis. One particular vote of significance to NAR and its members was the Mortgage Choice Act, which will reduce discrimination against affiliate lenders in the calculation of fees and points under various mortgage rules. After a 43-12 vote the bill is now ready for consideration by the full House of Representatives.   A complete list and summary of the bills passed by the House Financial Services…

When planning for a showing or open house in New Jersey it’s important that a seller prepares his or her home accordingly. And while cleaning and decluttering are some of the most direct methods for making a home more desirable to potential buyers, lately a stronger emphasis has been placed on home staging. From simple touches — like removing family photos or adding colorful accents — to larger-scale staging measures that might include bringing in completely new furniture to transform a room, many REALTORS® report that home staging…

The Home Affordable Refinance Program application deadline has been extended to December 31, 2015 before it's set to expire. HARP has also expanded the eligibility criteria for MHA to be able to offer assistance to more struggling homeowners. Initially introduced in 2009 by the Federal Housing Finance Agency and the Department of the Treasury, HARP is designed for borrowers who have little to no equity in their homes or are underwater on their mortgages. It is estimated that there are currently 20,384 HARP eligible loans in New…

The agency responsible for managing the federal flood insurance program has made progress in carrying out key changes mandated by Congress in two recent laws but lacks resources and data to completely implement others, according to a Government Accountability Office report.   For instance, FEMA repealed certain rate increases and got premiums refunds to policyholders of the NFIP as promised under the law. Refunds began in October 2014 and, according to FEMA, almost all refunds were issued by December 2014. But FEMA has been…

On February 26, the FCC voted on and approved a new set of net neutrality rules focused on prohibiting Internet providers from blocking websites they don't like or selling faster traffic speeds to companies. The regulations that broadband Internet providers will now face as a result of the ruling mimic many of the regulations the federal government imposes on telephone companies.   From a REALTOR® standpoint, NAR has actively supported legislative and regulatory efforts to ensure that Internet providers obey net neutrality…

The New Jersey REALTORS® Governmental Research Foundation has released a new report: The Economic Importance of New Jersey Seasonal Home Rentals and Potential Impact of Imposing a Sales Tax.   This report was ordered and approved by the GRF in response to introduced legislation that would extend the 7 percent sales and use tax to seasonal home rentals. The report not only shows the importance of seasonal rentals to New Jersey’s economy, job market, and tax base, but it also highlights the negative impacts extending the sales tax…

On February 24, Gov. Chris Christie presented his Fiscal Year 2016 budget proposal to a joint session of the New Jersey State Legislature. In his speech, Christie announced his proposed budget for the next fiscal year totals $33.8 billion and contains a 3.8 percent revenue increase due to an uptick in state economic activity leading to higher generation of state revenues. The Governor also indicated his budget proposal contains an additional $1.3 billion pension payment and calls for additional pension and benefit reforms.   The…