Real Estate, Liquor, and the Grim Reaper … Damn I’m good.
At first the coronavirus pandemic slowed New Jersey’s real estate market, but a huge rebound followed, even as many other industries struggled.
“It’s COVID-19, that’s probably one of the main reasons,” said Robert White, a Monmouth County realtor who noted buyers fleeing New York City have driven demand in his region.
The surge in home sales means a boost for New Jersey’s bottom line since it generates more revenue from a tax on real-estate transactions.
And real estate is not the only industry seeing a rise in sales during the pandemic and with it a corresponding lift in state revenues.
Taxes from alcohol sales have been surging in New Jersey during the pandemic, as have state Lottery revenues.
State tax data shows that transfer-inheritance tax receipts have also increased significantly amid the health crisis. But there may be more to that than just the grim reflection of the deadly pandemic.