From the Star Ledger:
Summer-rental bill turns homeowners into tax collectors
Former state Sen. Ray Lesniak recalls that when he was a kid his family would head down to Wildwood every summer looking for a vacation rental.
“We’d just knock on doors and find a place a place to rent,” said the Democrat from Elizabeth. “We would just go there blind. Because my dad didn’t like to go out for dinner, we needed an efficiency.”
They always found one, he said.
That might be a bit tougher for similar families next summer thanks to a bill that was passed in the hectic final hours of the budget negotiations in July.
During the debate over which new taxes to include, Senate President Steve Sweeney had proposed that the state impose new taxes on summer rentals.
Gov. Phil Murphy wanted an increase in the so-called “millionaire’s tax” instead.
Eventually they compromised on a bill that would impose a tax only on rentals that go through such online services as AirBnB. That’s what the newspapers reported at the time anyway.
“A tax on shore rentals, floated by Senate President Steve Sweeney last week, was not part of the budget deal, much to the relief of officials and second-home owners in Atlantic and Cape May counties,” said the Press of Atlantic City.
The reason those Shore residents were relieved was obvious. Such a tax would not only increase the cost of summer rentals by almost 12 percent; it would also create a paperwork nightmare for homeowners.
That nightmare begins Oct. 1, despite the deal the newspapers reported. Or so says the Treasury Department.
On Aug. 14 the department sent out an advisory stating that the tax applies not just to internet rentals, but also to “rentals that are made directly by the homeowner.”
As of Oct. 1, those lucky homeowners will have to start collecting state sales tax of 6.625 percent as well as a “state occupancy fee” of 5 percent.
They also have to register with the state Division of Revenue and Enterprise Services and maintain four years’ worth of records on the rentals.
…
There’s one exception: real estate agents. Somehow their lobby got the bill’s sponsors to exempt them from any tax.
Outrage anyone?
So the politicians refused to legislate a new tax, so the Treasury department created the new tax by decree?
This happened in Rhode Island a few years ago. Many owners of second homes rent them for several weeks during the summer, and keep them for their families during other weeks. These owners have stopped renting their houses because the compliance worries outweigh the revenue they pull in from the rentals.
I see something similar happening at the Shore. What ordinary Shore house owner wants to register with Nj’s Division of Revenue and Enterprise Services? Painful enough to read that name. Can only imagine what it is like to deal with their bureaucracy, incompetence, and audits.
Outrage? Gotta love that real estate mafia and their job protectionism, talk about controlling the rackets!
So you rent it out with a broker ..
Criminals
Whoever earns the most and pays tribute to the black hand gets the most privilege. The house tour industry currently kicks up enough vig to have a say in who gets a shakedown and who doesn’t.
Fast the trains particularly on the pascack valley line are crowded because on most days they are short a car and many days two!! As for getting younger depends how n how you define young. I am on the Pascack valley train almost every day and for 30 years. And it’s never been older.
Criminals is right! This state is so terribly fcuked and no one says boo.
3b, I’m seeing the opposite. I can only by what I saw a few years ago and what I see today. It’s a vastly noticeable younger crowd and I need to get to the station earlier and earlier to get a spot. The platform is substantially crowded than it was a few years ago. I’m only telling you what I notice. When I get off the train in Hoboken and start walking north along the water, it looks like a crowd that just let out of a football game or concert. It’s a mass of people. It’s the same with houses in the area; a for sale sign goes up and then it’s gone within two weeks. And just for the record, I still think some of these houses are sh1t holes and ridiculously over-priced and the tour guide industry is still a sham, infiltrated by weaklings looking for a job and a money grab.
Dear China,
F.uck you, pay me.
Sincerely,
President Trump
New Jersey is much more likable from afar. It’s a nice place to visit…
They charge a much higher fee than AirBnB, VRBO ..
dentss dunnigan says:
September 18, 2018 at 8:19 am
So you rent it out with a broker ..
It’s funny, I had inquired about a few rentals I saw online but hadn’t heard from the owners.
I predict that this will result in owners lowering their rents, and will make the prospect of owning a summer rental much less attractive.
We used to vacation in Wildwood every year, right about now, the third week of September. Our parents pulled us out of school for about three days, we’d probably go down on Wednesday and come back on Sunday. We always stayed at the same place, The Trylon Motel. They had these really cool efficiency units. Kitchen, full bath, and pull out sofa downstairs. There was a wooden spiral stair case that led to a loft that had two double beds and a half bath. Oceanfront, pool, about two long blocks North of the boardwalk. We’d rent bikes and ride on the boardwalk every morning at 6AM, the piers were closing down for the final weekend so the rides were also heavily discounted. Of course the beach was about 300 yards long before you got to the water.
https://trylonmotel.com/
I’ll bet owners don’t even know about this yet. I wonder if I can avoid the tax by booking my next summer rental now.
When they find out about this there are going to be some pissed off people. Can’t say I’m surprised though, this is what you voted for people. Enjoy.
VRBO and other services just started collecting additional fees too. This just piles on. It’s cutting into rents big time.
Ratings way down, shocker. My wife recorded it, I didn’t watch it.
Monday’s 70th Emmy Awards on NBC sunk 10 percent in early ratings from last year, settling for a new all-time low with a 7.4 household rating. That Emmys decline is not as bad as the ones for the Oscars and Grammys, which dropped 16 percent and 20 percent year over year, respectively.
https://www.thewrap.com/emmys-early-ratings-sink-10-percent-last-year-new-time-low/
My bet is that the Kavanaugh accuser doesn’t show at all.
OMG, hysterical. I continue to take calls about jobs. This kid recruiter calls me about change management job at GA insurance in Tribeca. Not remotely interested but love talking rates. 1 year contract for 5-8 years experience so not Sr… but they are trying to pay weekly rate so they can work you 50 plus hours without paying OT. Says it in the spec basically. Kid admitted that he has never worked a weekly contract previously. We talk numbers and I throw out $150/hr for fun. He says he can do 7000/week. Me..jaw drops. Internally I am laughing as it dawns on me that this kid probably misread the quote. If this contract really pays $350k a year I will eat my own shoe. They offer 26 PTO too. He says he will write it proposal and send it. Waiting for the retraction.
10:04 Wildwood…..Yuck. Place grosses me out.
9:41 Dear Farmers, Fuuuck You, Donald J Trump
I don’t know if this is national news yet, but Columbia Gas, owned by Niscource (NI) over-pressurized the natural gas lines last week, causing explosions and fires in dozens of houses in North Central MA. My engineering mind tells me that there is no easy way to determine all of the breaches they’ve created, both inside and outside homes. This will be a huge clusterf.uck. Our Governor has already called in a competitor to investigate because it is feared that the offending company will not honestly report the extent of the damage.
leftwing says:
September 17, 2018 at 10:50 am
What *is* NI re utilities?
https://www.masslive.com/news/boston/index.ssf/2018/09/pressure_in_pipes_was_12_times.html
Probably Occam’s razor, but this probably brings to mind a terrorist exploit that no one previously considered.
Luckily you live 3,000 miles away in a place with more incarcerated criminals than anywhere else where shoplifting and pooping on the sidewalk isn’t even a crime anymore. Sanctuary States are great.
10:04 Wildwood…..Yuck. Place grosses me out.
Holy crap. You know the test of the emergency broadcast system warning you get at 2 or 3 AM? I’ve seen two actual emergency broadcast messages this morning. The first one was for flash floods here in Boston, and seconds ago for a tornado warning!
That’s better than Hawaii where they got the emergency nuclear weapon impact message.
How funny would it be if Trump does some more paper towel roll jump shots when he visits the Florence affected areas?
I think it would be pretty cool if he starts pumping paper towel rolls from the top step as he exits Air Force 1.
11:30 No complaints where I am brother. Its gorgeous. There aint shit to do in the sticks you either have money, schlep to LA, or farm. I figure the whole country is in the shit basket sooner or later. So I might as well enjoy the weather. I think this place is nuts, yeah, but those canyons and the air is perfect.
The only thing Trump is pumping is the debt clock…..
I’m occasionally a value and income investor, but by and large the majority of my investments are momentum plays in S&P 500 or MidCap 400 stocks. Probably 85% of my purchases are at or near 52 week highs. Pumps will never understand that no matter how long he lives. NGLOY, which I’ve mentioned recently, is a different animal altogether. I’ve traded it for several years, it’s a FTSE 100 stock essentially, though it trades as an ADR here. You have to keep your eye on currencies and the Materials sector to know when to get in and out. The time for in is now.
So buy NGLOY now is a play on strengthening sterling? Or inflation? Or both?
Little pop today but the money flows are ugly. Only been this overbought on that basis eight times over the last two years and six of those occurrences were followed by a move down…..
You have to look at AAL on the London Stock Exchange to see how it really trades.
You might also want to keep a little spreadsheet that translates sterling into dollars to see how the ADR trades relative to the actual stock price.
Forget that. Movie pass is splitting 500 to 1. You can’t lose. 500 shares for each one you buy today. This is way better than my canned pancake idea. Really.
OTOH, you can just buy it and be happy when it goes to 12-13;-) Huge dividend too, but you’ve already missed it. ex-date is in August, payment is in October. Europeans.
The economy is booming, China’s paying their fair share and the liberals are running out of things. Let’s drum up a fake assault 35 years ago. Yeah, that’ll get ’em! How’s that Russian collusion thing coming along? LMFAO!!!!
gary – My bet is that she doesn’t even show next week.
Anyone know how the DOW is doing?
She’s more believable in the long term unseen instead of seen.
ExPat,
It’s a dog and pony show. They have nothing. I’m praying Ginsberg dies in her sleep soon, too.
If she does reveal herself and she’s half good looking. I expect Trump to immediately tweet a photo of her with the words, “I’d hit that. Go Kav!”
The Dow is the only major US index that has NOT eclipsed it’s January high. I predict that it will hit a new high water mark shortly before or after the election and then the entire market will take off again.
Too much work on NGLOY, and if I take this kind of flyer I’d like to write some calls against it but there aren’t options on ADRs. Anyway, you have good calls, I’ll watchlist it.
Separately Ex, IIRC you were the one that used IVTS?
What do you use, VIX/VXV?
What were your breakpoints, I think I have too many breakpoints in mine. Also, do use a rolling average or t/t-(x days) to smooth out spikes?
Appreciation in advance.
I don’t have any particular preference as to how she dies. I expect they’ll find that she just evaporated into nothing during the night, but I’d be fine for her to be mowed down by a small tricycle too.
I’m praying Ginsberg dies in her sleep soon, too.
Republicans need to start playing this game. They need to make sh1t up and pin it on some left wing, progressive d0uchebags (they’re all d0uchebags). I mean some really nasty sh1t.
I do exhaustive sector analysis, but I do use VIX/VXV as half of my determinant of overall market posture. If VIX/VXV is between .80 and .90, that’s bullish. On top of that if the Market Forecast (proprietary, I think AMTD owns it it) intermediate line is also bullish, preferably above 80, that’s all it takes for me to stay bullish overall for the sectors that I deem strong. I have lots of other metrics in my model, but it all starts with my overall market posture, currently bullish. Between VIX/VXV and the Market Forecast intermediate line I have just 3 modes, Bullish, Neutral (divergence between the two indicators), and Bearish.
What do you use, VIX/VXV?
^^^^I posted yesterday, I’m having ‘recovered memories’ from my travels in SF (Ninth District) during the 90s of some really bad abuse by a person who is now ‘powerful’ and ‘in government’.
I’ll hit a shrink a few times over the next few months to document it, leaving the person’s actual name out of it of course.
Hell, if the Dems take back the House I think it may have involved Pelosi, strap-ons, and minors.
I’ll figure it out, post election of course ;)
Or maybe it was in Boston, if Warren gets the nomination.
You CAN make this sh1t up.
I’ve been thinking exactly the same thing. Republicans need to constantly ask themselves, “What would Adam Schiff do?” In the same vein, is there anybody more smarmy than Eric Swalwell? California must have a monopoly on producing that caliber of d0uchebag.
Republicans need to start playing this game. They need to make sh1t up and pin it on some left wing, progressive d0uchebags (they’re all d0uchebags). I mean some really nasty sh1t.
Ex, TY.
At what levels do you break neutral and bearish? And how do you handle ST spikes?
I’m getting some garbage in-garbage out issues. Analyzing where it’s gone wrong recently I think I have too many breaks (5, from 0.8-1.15) and I may need to account for spikes (potentially use rolling average).
Appreciate it.
She can lie under oath if she pleases. In the same vein that people can question her version of the truth, is there any way to prove she is lying? There is no downside for her.
The Original NJ ExPat says:
September 18, 2018 at 12:41 pm
She’s more believable in the long term unseen instead of seen.
I will look to Kavanaugh’s reaction. If this blows over, he should file a libel suit if there is no story. If he stands pat, he looks guilty.
“She can lie under oath if she pleases. In the same vein that people can question her version of the truth, is there any way to prove she is lying? There is no downside for her.”
They CAN and DO lie under oath. So can their counsel. Which is really appalling.
Anyone who has gone through a difficult divorce likely had a front row seat to both of the above……
There’s even less downside if she doesn’t show, the story is still out there and will be often repeated by the Dems and their media shills. I hope somebody comes out now and says that they fisted Schumer and used to hold him up like a puppet.
She can lie under oath if she pleases. In the same vein that people can question her version of the truth, is there any way to prove she is lying? There is no downside for her.
Well, as thought, too good to be true. He actually reconfirmed 7000/week but wants my SSN and DOB to submit resume. What kind of fool do you think I am.
If she doesn’t show, can’t take her ‘accusations’ into account. Nothing under oath. Game over, he’s in.
My concern is some Repub senators are saying they’ll use her ‘credibility’ as the criterion. That is a losing strategy….if she shows and testifies what Senator will then look into the camera and say he didn’t think she was ‘credible’. He’d get crucified….that’s a no win situation.
Repub senators should make the criterion ‘preponderance of evidence’. Then if she testifies they can split the baby…find her credible but still confirm….like this:
I believe something happened to her by someone, she’s credible
I believe Kavanaugh when he says he didn’t do it, he’s credible
99.9% of people and six FBI background checks show him to be squeaky clean
She was 15, it was 35 years ago, perhaps mistaken identity
I don’t doubt her feelings or credibility
But preponderance of evidence says although something happened to her, it wasn’t him, therefore confirm.
Apparently his roommate at the time is willing to testify that Kavanaugh wasn’t at the party where she says it occurred. Maybe Repubs can fight the Dems using the Dems own dirty tricks against them.
As an aside, this whole dustup is ridiculous. People, whoever is my age, can you remember specifically the circumstances of romantic encounters that occurred when you were 15? Seriously? Even asserting so is ridiculous. I mean think back to your HS encounters. Really? And that’s even without accounting for any substances.
Kavanaugh was quoted as saying, “…my Goodness i want to cum in dat….” as he forced his engorged love muscle near her labial area…
left: I’m not asserting that people on both sides of the aisle fail to be equally repellent, but this episode is truly abject sludge………….. and extremely effective in seizing the narrative, and potentially in the mid-terms, which is more important than the SCOTUS at this juncture.
Both are important and the Dems will use anything they can. They’ll embellish but you (GOP) elected a pathological liar as President your high- minded BS is null and void.
Grim, unmod me.
Sorry SX, I’m not Repub and never have been.
The Dems and their minions ‘elected’ Trump through their constant overreach, arrogance, and total disregard of anyone whose opinion does not mirror their own verbatim.
Everyone knew Trump was a pathological liar before he was elected. And yet you still lost to him. Riddle me that one.
Whatever your stilted pecker shaped mind tells you — I say the gloves are off. Oh, and eat a dick for me will u??
Witty response. Thank you for your value added contribution.
He may be a pathological liar, but he’s still willing to fight mercantalism, force Europe to pay more for our troops being stationed there. He’s the only president or candidate who even was willing to admit that fight exists and take on it. I don’t know if he succeeds, but what I hope is that these stupid politicians see that there is the possibility of winning elections on actually putting Americans and American industries first.
I told you she wouldn’t show.
https://www.cnn.com/2018/09/18/politics/ford-letter-fbi/index.html