The new tax law requires property owners who let out their homes, including vacation properties along the state’s roughly 130-mile coastline, to collect the tax from short-term renters. She also pointed out that the law offers short-term renters a way around the tax since transactions through real estate agents are exempt from the tax. A 2018 National Conference of State Legislatures’ report found 39 states collect some kind of tax on short-term rental accommodations. Still, in New Jersey, which has among the steepest property taxes in the country, it’s little consolation for some renters. New Jersey asks a lot of its homeowners.”Democratic Assemblyman John McKeon has introduced a bill to exempt the state’s shore counties from the tax.

Source: National Post January 19, 2019 15:27 UTC