Loss of state support may end horse racing in New Jersey

New Jersey property owners are already hit hard by the state of New Jersey’s economy.  Taxes, taxes, and taxes head the list of complaints.  Now, a double-edged sword is being raised at one of N.J.’s homegrown businesses—horse racing.

According to a special report in the Asbury Park Press,

“Those in the New Jersey equine industry say the horse-racing business generates $780 million annually for the state's economy, responsible for more than 6,500 jobs.

“But with Gov. Chris Christie's proposal to shift the state's focus from horse racing to the casinos in Atlantic City, local horse farmers and other business owners worry the equine industry would lose its vitality or dissipate altogether.

"’People in the sport are going to go where horse racing is viable,'' said Tim Clevenger, 26, who tends to standardbreds every morning at a Manalapan farm.”If not here, they're going to race someplace else or get out of the game.’''

OK, so just how does this affect the quality of life in New Jersey?  Well, some will say that the 176,000 acres of real estate now being used for horse farms and related purposes will be, here comes the dirty word, developed into housing. 

In addition,

“In a study headed by Karyn Malinowski, director of Rutgers' Equine Science Center, the state's equine industry was valued at $4 billion, much of it related to racing. It generates $1.1 billion ($780 million from racing) annually in positive impact on the state economy, the study said, and is responsible for 13,000 jobs, more than half of which are generated by racing-related interests, such as race tracks, and horse breeding and training facilities.”

Read the full story.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow

Vested Title Inc.

648 Newark Avenue, P.O. Box 6453,

Jersey City, NJ 07306

Tel 201-656-9220 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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The long arm of the law grabs 2 mortgage swindlers

New Jersey’s Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor announced yesterday “that a Union County mortgage loan solicitor has been charged with conspiring with others – including a Kearny woman who was charged previously – in a scheme to steal millions of dollars by obtaining mortgage loans using false identities and counterfeit documents.”

Nuno J. Sousa, 34, of Elizabeth, was arrested yesterday.  He joins Genilza R. Nunes who was arrested in March.

“The state investigation determined that Nunes, Sousa and a number of co-conspirators allegedly were involved in a sophisticated, multi-million dollar mortgage loan fraud scheme operating in northern New Jersey, including Morris, Somerset, Hudson, Union, Passaic and Essex Counties. The state has specifically alleged that Nunes and Sousa – with Sousa acting as the mortgage loan solicitor – engaged in fraudulent transactions involving five properties, with a total fraud of $2,152,800. However, it is believed that the scheme is much larger.”

We write about these arrests and hoped-for prosecutions not out of any sense of glee but to demonstrate that the real estate market collapse did not result just from the shenanigans of big Wall Street firms but also from thefts and frauds of the kind allegedly pulled-off by these defendants.  If the alleged scheme is part of a larger one, I can’t wait to see the rest.

You can read the Attorney General’s press release here.

For your next title order or 

if you have questions about what you see here, contact 

Stephen M. Flatow 

Vested Title Inc. 

648 Newark Avenue, P.O. Box 6453,

Jersey City, NJ 07306 

Tel 201-656-9220 - Fax 201-656-4506 

E-mail vti@vested.com - www.vested.com

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N.Y. to collect sales tax on abstracts of title. Will N.J. follow?

The New York State Department of Taxation and Finance has announced that it has changed its policy on title abstracts – they're now taxable when done by a title agent.

You can read the determination on page 4 of the memorandum TSB-M-10(7)S, Sales Tax, July 19, 2010, Sales and Compensating Use Tax Treatment of Certain Information Services, issued by the Office of Tax Policy Analysis Taxpayer Guidance Division.

My take? Well, if the taxation folks in New York think it will work, then the taxation folks in New Jersey will most likely give it a shot.

For your next title order or if you have questions about what you see here,

contact Stephen M. Flatow

Vested Title Inc.

648 Newark Avenue, P.O. Box 6453,

Jersey City, NJ 07306

Tel 201-656-9220 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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