New Jersey’s housing market has definitely cooled off. According to new figures from New Jersey Realtors, the number of closed sales in the state fell 17.8% in 2022, compared to the prior year. The organization blames rising interest rates and prices along with low inventory for the drop. Last year, the median sales price for single family homes rose 8.7% to $473,000.
A call by advocates for New Jersey lawmakers to keep the state’s higher corporate-business tax rate in place has drawn criticism from the state Chamber of Commerce. Gov. Phil Murphy had signaled he would support the planned sunsetting of the surcharge, which would drop the CBT from 11.5% to 9%. This drew objections from advocacy groups and unions.
The New Jersey Chamber of Commerce CEO and president Tom Bracken says New Jersey’s political leaders should keep their word and let the surcharge expire.
“Those companies are already paying their fair share. And a high percentage of New Jersey’s taxes are being paid by these companies already. So it’s not like they are getting a deep discount to the rest of the world,” he said. New Jersey’s current corporate business tax rate is the highest in the country. (Bracken is a member of the NJ Spotlight News Board of Trustees.)
