Earlier this spring, Governor Jon Corzine's budget plan calling for a one-year suspension for all non-senior households earning more than $150,000 to deduct property taxes from their state tax filings. In a high-cost state like ours, imposing this income threshold could mean that a husband and wife working as a police officer and school teacher may not qualify for the deduction. Recognizing the harmful impact this plan would have on working class homeowners, NJAR is, once again, asking that you take actionagainst this proposal.
As budget negotiations are drawing to a close, it’s crucial to send
one last message that you oppose even the partial elimination of the property tax deduction. Given current economic conditions, this is the worst possible time to propose any legislation that undermines the basic foundation of homeownership. The partial elimination of the property tax deduction is just a third of the triple whammy for homeowners under this budget plan. All non-senior taxpayers are slated to lose their property tax rebates. Additionally, educational and municipal aid, which is used to offset property taxes, is either being frozen or cut. These proposed policies will certainly lead to higher property taxes.
As you know, the state budget process can be extremely turbulent. In the past, lawmakers have proposed tax increases at the last minute to avoid public scrutiny. Speak out against any eleventh hour attempt by lawmakers to raise or impose new taxes on the real estate industry or property owners. Let legislators know that we will be opposed to any effort by them to hike taxes on real estate. Encourage REALTORS, clients, family and friends to send a letter to their lawmakers through the
What's At Stake:
Last Chance to Save Property Tax Deduction
As part of his budget proposal, Governor Jon Corzine, called for a one-year suspension of property tax deductions on state income taxes for all non-senior households (younger than 65 years old) earning more than $150,000.
The New Jersey Association of REALTORS (NJAR) is calling for the full restoration of the deduction. In New Jersey, where the average homeowner pays more than $7,000 in property taxes, it's unthinkable to balance the state budget on the shoulders of property owners.
All concerned citizens are encouraged to keep fighting for the complete restoration of the property tax deduction. Additionally, it's not unheard of for lawmakers to include last minute tax hikes in their final budget proposal. Tell legislators that you will not support any eleventh hour attempt by them to increase or impose new taxes on property owners or the real estate industry.