NEW JERSEY — There’s a big reason why many New Jersey residents put up with the endless headaches that come with being a homeowner – and it can usually be measured in six figures or more. The problem? A troubling number of Black and Latino families face uphill battles when it comes to getting their homes appraised at a fair value, advocates say.
On Monday, a proposed state law in New Jersey moved forward in the Legislature. If S-1311 crosses the finish line, a real estate appraiser would be prohibited from considering “race, creed, sexual orientation, and/or other personal characteristics” as part of the appraisal process. The bill would also require appraisers to complete a fair housing and appraisal bias education course.