For Immediate Release:
March 10, 2009

NJ REALTORS^®: BUDGET PROPOSAL IS AN ASSAULT ON PROPERTY OWNERS

(Edison, NJ) Responding to Governor Jon Corzine's proposal to eliminate the property tax deduction next year on state income taxes for everyone but seniors, New Jersey Association of REALTORS^® (NJAR^®) Executive Vice President Jarrod C. Grasso, RCE issued the following statement:

"As NJAR^® has said over and over again, the real estate industry is a major economic engine driving our state's economy. Governor Corzine's proposal to eliminate the deduction of property taxes on state tax filings is counterintuitive and ill-advised. At a time when efforts are aimed at revitalizing this crucial industry, the elimination of this important deduction will further slow down New Jersey's economic recovery.

"Tax deductions that residents receive from owning a home are powerful incentives to get people into the housing market. Efforts to do away with incentives such as these send the wrong message about the importance of homeownership and the strength of New Jersey's real estate industry.

"Property taxes continue to have a devastating and long-lasting impact on the real estate industry and residents of the Garden State. In fact, a recent survey commissioned by the NJAR^® Governmental Research Foundation found that 89.7 percent of people believe property taxes to be too high. While NJAR^® understands the budget constraints facing the state, Governor Corzine and the Legislature, as a means of jumpstarting the economy, should be focused on reforming our property tax system. Instead of looking for ways to hike taxes, lawmakers should  reduce taxes and fees on real estate and property owners, including rolling back the realty transfer fee."

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.

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