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NJAR® Protects Property Tax Deduction for Most
FY2010 budget signed into law

Governor Corzine signed the fiscal year (FY) 2010 budget into law on June 29, 2009, after it was approved by the Legislature on June 25. The upcoming year's $29 billion spending plan includes more than $400 million in unexpected revenue from the tax amnesty program. The windfall was used to restore some property tax relief programs.

Due to NJAR®'s extremely successful advocacy efforts and our membership's participation in the Call to Action, we were able to protect the ability for households earning as much as $250,000 to deduct their property taxes from their state income tax filings. Households earning less than $150,000 will be able to deduct as much as $10,000, while households earning between $150,000 and $250,000 annually will be able to deduct up to $5,000.

The windfall will also be used to provide property tax rebates for households earning up to $75,000. Despite the unexpected revenue from the tax amnesty program, to account for an $8 billion shortfall, the budget reduces government programs and increases a variety of taxes. The FY 2010 state budget took effect on July 1, 2009.  For the full story, click here.


NJAR® Office Holiday Closing

The NJAR® office will close at 2:30 p.m. on Thursday, July 2 and remain closed on Friday, July 3 in observance of the Fourth of July weekend. NJAR® wishes everyone a safe and happy holiday.

Craigslist.org Listing Scams

NJAR® has been sporadically contacted by members regarding the improper use of Craigslist (www.craigslist.org). Some users are posting false advertisements featuring REALTOR® rental and sale listings as a scam targeting consumers, urging them to send funds to a party that is not in any way associated with the rental listing. NJAR® Executive Vice President Jarrod C. Grasso, RCE, sent a letter to New Jersey Attorney General Anne Milgram to urge a resolution to the matter.

If you are the listing agent on a property that has fallen victim to such a posting, it is strongly recommended that you contact the New Jersey Real Estate Commission (REC) as well as the administrators of Craigslist. You may also report the problem to the Internet Crime Complaint Center at www.ic3.gov.

Press Conference and Educational Event on NJ Real Estate Market

On June 23, 2009, officials from the New Jersey Department of Community Affairs (DCA) and NJAR® held a press conference to discuss the enormously important housing incentives available to first-time home buyers and that the programs are helping to invigorate New Jersey's housing market. NJAR®'s Get the REAL Story® campaign was noted as a way to disseminate information to the public on the various market opportunities. For more details, read NJAR®'s press release.

On June 24, 2009, NJAR®, in partnership with The Star-Ledger, also kicked off its educational seminar series at the NJ Convention and Exposition Center at Raritan Center in Edison, with a free event from 6:00 to 8:00 p.m. The Clock is Ticking -- Time to Harness Your Home Buying Power gave attendees insight on the many different aspects of buying a home. Southern and Northern NJ events have now been scheduled. Get the details on www.REALStoryNJ.com. To view photos from the June 24 event, click here.

Craigslist.org Rental Listing Scams

NJAR® has been sporadically contacted by members regarding the improper use of Craigslist (www.craigslist.org). Some users are posting false advertisements featuring REALTOR® rental listings as a scam targeting consumers, urging them to send funds to a party that is not in any way associated with the rental listing.

If you are the listing agent on a property that has fallen victim to such a posting, it is strongly recommended that you contact the New Jersey Real Estate Commission (REC) as well as the administrators of Craigslist (go to the "Contact Us" section and click "Report Spam or Scam") to resolve the problem.


You Can Find Us on YouTube

Help your clients Get the Real Story® by sharing a series of short, humorous video clips created for the campaign and posted on the popular video sharing site, YouTube. Each video is based on a different reason to take advantage of the great opportunities available in New Jersey’s real estate market—from snagging that “home away from home” on the Jersey shore to trading up for a bigger family nest. Access the videos and help them go viral by forwarding the YouTube link (www.youtube.com/RealStoryNJ) to your friends, colleagues and clients.


New Flyer Promotes $8,000 Tax Credit Opportunity

NJAR® has made available, through its Get the REAL Story® public education campaign, a new flyer promoting the availability of the $8,000 federal first-time home buyer tax credit. Download the flyer now and share it with family and friends. The clock is ticking down to the November 30, 2009 expiration of the tax credit.




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Members-Only News:

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