For Immediate Release:
October 23, 2008
NEW JERSEY REALTORS® TAKE THEIR MESSAGE TO TRENTON
Call on Lawmakers to Rollback Recent Increases to the Realty Transfer Fee and
Reform New Jersey's Broken Property Tax System
(Edison, NJ) Members of the New Jersey
Association of REALTORS® (NJAR®) visited
Trenton today to witness the legislative
process in action and to discuss key issues
that have an impact on property owners and
the real estate industry, including realty
transfer fees and property taxes. The first
annual REALTORS®' Day in Trenton provided
REALTORS® from around the state the
opportunity to speak directly with the
elected officials who develop and enact laws
that impact the housing industry.
"This event was a wonderful opportunity for
us to see first-hand how the legislative
process affects our industry," said 2008
NJAR® President Drew Fishman, CRS. "Going to
Trenton is also an excellent way to bring
attention to the issues REALTORS® in New
Jersey care about. We appreciate that our
elected officials took the time to meet with
us to discuss their views on important
topics such as the economy and our state's
housing market."
During REALTORS®' Day in Trenton, Governor
Jon Corzine served as the keynote speaker at
the morning session. Senate President
Richard Codey and Assembly Speaker Joseph
Roberts joined him at a breakfast where
attendees asked questions on wide range of
topics important to real estate
professionals and the buying and selling
public. After breakfast, NJAR® members took
tours of the State House and attended the
Senate voting session and various General
Assembly committee hearings.
Advocating that legislative leaders create a
robust economy through lower taxes and tax
breaks specifically targeted towards
strengthening the Garden State's housing
market was a top priority for REALTORS®
while in Trenton. They encouraged lawmakers
to include a measure that rolls back the
recent increases to the realty transfer fee
(RTF) in the state economic stimulus
package.
"For better or worse, our state's economy is
tied to the health of the real estate
industry," said NJAR® Executive Vice
President Jarrod Grasso, RCE. "In fact, in
2006, it accounted for nearly a quarter of
New Jersey's gross state product and that is
why any state economic stimulus package must
seek to boost the residential and commercial
real estate markets. It is vital that
lawmakers pursue legislation that rolls back
the recent increases to the realty transfer
fee and repeals the 1 percent buyer's tax on
residential and commercial property."
Grasso noted that increased realty transfer
fees have added to closing costs and the
overall price of homes, making it harder for
many to become a homeowner in New Jersey. He
pointed out that the RTF on the median
priced home- $361,200- has increased 80
percent since 2003.
"For areas like New Jersey where home prices
are higher, additional taxes and fees only
make it more difficult for people to become
homeowners," added Grasso. "That is why it
is important for Governor Corzine and the
Legislature to also take steps to lower
property taxes. Reducing property taxes is a
commonsense way to help people afford to
stay in their homes. Without question,
skyrocketing property taxes have a long-term
negative impact on the Garden State's
housing market. We can no longer afford to
just provide property tax relief, true
reform is needed now."
In addition to advocating for property tax
reform and repealing the 2003, 2004 and 2006
increases to the realty transfer fee, NJAR®
members also called on lawmakers to enact a
meaningful eminent domain reform measure and
take steps to make homeowner's insurance
more affordable.
The New Jersey Association of REALTORS®,
with approximately 53,000 REALTOR® and
REALTOR-ASSOCIATE® members, is one of the
largest trade organizations in the state.
NJAR®'s membership is comprised of real
estate professionals who subscribe to a
strict Code of Ethics and are members of the
national and local REALTOR® organizations.
As the leading advocate for the real estate
industry and private property rights in New
Jersey, NJAR® is committed to protecting the
dream of homeownership. For more
information, please visit
www.njar.com.
# # #
