The New Jersey Realtors Issues Mobilization Fund is urging state residents to tell elected officials to oppose the increase in the Realty Transfer Fee being proposed in Gov. Phil Murphy’s FY26 budget.
The proposal calls for doubling the fee on home and building purchases between $1 million and $2 million from 1% to 2% (raising the minimum payment from $10,000 to $20,000), and to triple the rate to 3% for property sales over $2 million (increasing the minimum payment from $20,000 to $60,000).
NJBIA maintains the same position as NJ Realtors and also strongly opposes the tax increase.
Residents can take action to send a pre-written message to their elected officials to oppose the fee, which will raise the cost of buying a home in the middle of an inventory shortage.
To take action, click here.
