For Immediate Release:
December 2, 2009
NJ REALTORS® POLL REVEALS VOTERS ARE AT A BREAKING POINT OVER PROPERTY TAXES
(Edison, NJ) A poll released today by the New Jersey Association of REALTORS® (NJAR®) Governmental Research Foundation (GRF), reveals that strong dissatisfaction over taxes and a weak economy has left voters in a sour mood about New Jersey's future. The survey found that 70 percent of people think the state is on the wrong track. The single most pressing issue voters would like government leaders to tackle over the next two years is reducing taxes and fees (45 percent), which ranks even higher than improving the economy and attracting jobs (35 percent).
Recently, NJAR® GRF commissioned a poll to get a sense of the public's opinion on critical issues such as taxes, affordable housing and land use. The poll of 800 randomly selected registered New Jersey voters found people to be focused on the economy and fiscal matters.
The recent election suggests that voters are at a breaking point over property taxes, with 93 percent saying property taxes are too high. The poll also found that there is no clear consensus on the best way to reduce property taxes. However, it showed that tax sensitivity fueled by frustration over property taxes has led to the growing belief that income taxes are too high. In a poll conducted in December 2008, 54 percent reported that income taxes were too high, as compared to today with 65 percent saying they are too high.
"This poll confirms what REALTORS® have been saying all along; Garden State residents are overwhelmed by our state's enormous tax burden," said NJAR® Executive Vice President Jarrod Grasso. "It should come as no surprise that at the top of their list of concerns is property taxes. The poll also found that people continue to understand that a healthy real estate market sustained by equitable tax policies is necessary to ensure a stable economy. The vast majority (95 percent) of voters believe that the real estate industry is important to New Jersey's overall economy."
The survey also found that reducing real estate related taxes remains the preferred policy for stimulating the state's housing market (59 percent). The poll revealed that 72 percent support the idea of instituting a $7,500 tax credit for first-time homebuyers in New Jersey. In addition, 64 percent oppose the concept of enacting a seasonal rental tax and 83 percent oppose a proposal to allow municipalities to enact a local realty transfer fee.
"When a home is sold it means job creation, increased tax revenue, and a better quality of life for our residents," added Grasso. "People understand the importance of the real estate industry and are clearly looking for ways to stimulate it. This poll indicates that the public is supportive of measures to reduce real estate related taxes and fees. Residents are also in favor of the lawmakers enacting a state home buyer tax credit program."
The survey revealed the public's opinion on several other critical issues. It showed that 60 percent of people oppose point of sale mandates on energy efficiency ratings and upgrades if it makes housing more expensive and properties more difficult to sell or buy. With regards to eminent domain, the public opposed (83 percent) it being used for the purpose of economic development.
"NJAR® hopes this poll will be helpful to lawmakers as they develop a road map on how best to approach the critical issues facing the Garden State. Without a doubt, at the top of their list of priorities should be finding ways to make New Jersey more affordable," concluded Grasso.
Myers Research | Strategic Services, LLC and American Strategies Incorporated designed and administered this telephone survey conducted by professional interviewers. The survey reached 800 registered New Jersey voters. The survey was conducted November 10-15, 2009. The margin of error associated with these data at a 95 percent confidence level is +/- 3.5 percent. The margin of error for subgroups is higher and varies. For more data, including a webinar with an in-depth explanation of the poll results, visit
www.njar.com/about_njar/grf.
The New Jersey Association of REALTORS®, with approximately 50,000 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.
The NJAR® Governmental Research Foundation (GRF) was formed in 1999 to research issues; to promote knowledge of, conducted research, and assist in issue research in the field of real estate and related fields; and to inform and educate the public on subjects of the public interest and general concern pertaining to real estate, land use and related topics.
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