For Immediate Release:
March 20, 2009

NJ REALTORS^® CALL ON LAWMAKERS TO FULLY RESTORE THE PROPERTY TAX DEDUCTION

(Edison, NJ) Responding to Governor Jon Corzine's latest budget proposal to include the restoration of the property tax deduction for households earning up to $150,000, New Jersey Association of REALTORS^® (NJAR^®) Executive Vice President Jarrod C. Grasso, RCE issued the following statement:

"We appreciate Governor Corzine's efforts to make this budget more palatable to New Jersey homeowners. The partial restoration of the property tax deduction is a step in the right direction. However, more changes are necessary to make this budget fair to all homeowners. NJAR^® urges lawmakers to protect homeownership and the real estate industry by working to fully restore the ability for all property owners to deduct their property taxes on their state filings.

"The real estate industry's impact on our state's fiscal health is irrefutable and that is why it is crucial to protect this deduction. Tax deductions that residents receive from owning a home are powerful incentives to get people into the housing market. Given current financial conditions, this is the worst possible time to propose any legislation that undermines the basic foundation of homeownership.

"Even the partial elimination of the property tax deduction equates to a backdoor tax. Garden State residents are all too familiar with the fact that once a tax is in place it is virtually impossible to repeal. We have already gone down this road with the Realty Transfer Fee and we cannot afford to do it again."

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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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