NOW LIVE: Eyewitness News

Gov. Christie: Scrap Realty Transfer Fees

SOMERSET, N.J. (AP) — New Jersey Gov. Chris Christie says he would do away with realty transfer fees — a major source of tax revenues — if the Legislature sent him a bill.

Christie told a town hall crowd in Somerset Tuesday the fee the state assesses to homeowners after they sell a house is “awful” and should be scrapped.

He was responding to a question by a retired state trooper who said he owed $5,400 after selling a home.

The state has projected realty transfer fees to produce $287 million in the current budget and $325 million in next year’s budget.

Realty transfer fees are the seventh largest source of tax revenue, but a small portion of the proposed $34.4 billion budget.

Christie did not say how the revenue would be made up.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

More From CBS Philly

Kayak Getaway
Getaway Guide To City Bus And Boat Tours

Watch & Listen LIVE