Table 2. Descriptive statistics at parcel-level by law adoption status

	Opted in		Opted out
	Mean	SD	Mean	SD
Home sale price	383,078.06***	243,346.41	465,204.99	271,685.51
Structure is less than 10 years old	0.02***		0.03
Structure is 10–19 years old	0.07**		0.07
Structure is 20–29 years old	0.10***		0.12
Structure is 30–39 years old	0.14***		0.15
Structure is 40–49 years old	0.09***		0.09
Structure is 50 years or older	0.59***		0.52
Structure age is missing	0.01***		0.02
Square foot of parcel	11,485.67***	29,987.01	17,660.73	40,748.97
Square foot of structure	1,779.95***	796.04	1,986.23	917.68
% with at least one neighbor opted in	37.28***	21.42	25.38	23.99
Municipality revitalization index	–0.95***	4.63	1.10	4.78
Population in 2020	49,527.36***	63,647.88	25,453.27	26,827.60
% Votes for governor murphy in 2021	58.35***	13.74	49.38	14.31
% Residents 65 years or older	14.84***	4.84	16.66	6.36
Property tax rate	2.71***	0.72	2.48	0.70
Equalized property value per capita	139,918.94***	124,158.87	260,292.93	568,538.81
Total observations	115,696		221,933

Data come from residential home sales between January 2018 and July 2023 across 557 out of 565 New Jersey municipalities. The eight municipalities dropped from the sample had missing information for home sales price and other relevant variables. The unit of analysis is at the parcel-level. The descriptive statistics for both opting-in and opting-out municipalities include all parcels with home sale prices between the 1st and 99th percentiles. At least one neighbor opted in is a binary variable that equals 1 if a neighboring municipality that shares a border with the municipality opted in and 0 otherwise. The municipality revitalization index (MRI) is a continuous variable created by the NJ Department of Community Affairs that measures the socioeconomic status of the municipality. The higher the value for the MRI implies that municipality if relatively more affluent compared to municipalities with a lower value for the MRI.
p<0.1,
p<0.05,
p<0.01.