Governor Jon Corzine, to a joint session of the New Jersey Legislature, called for a one-year suspension of property tax deductions on state income taxes for all non-senior households, regardless of income. Responding to overwhelming public opposition, he recently changed direction and adjusted his budget proposal to include the restoration of the property tax deduction for senior citizens and households earning up to $150,000. The partial elimination of the property tax deduction is just a third of the triple whammy for homeowners under this budget plan. Households who make more than $75,000 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. As the leading advocate for homeowners and the real estate industry in the state, the New Jersey Association of REALTORS (NJAR) is calling for the full restoration of the crucial deduction. Even a partial elimination of the property tax deduction undermines the basic foundation of homeownership.

In a state where the average homeowner pays more the $7,000 in property taxes it is unconscionable to balance the budget on the shoulders of property owners. All concerned citizens are encouraged to keep fighting for the complete restoration of the property tax deduction. Tell lawmakers that tax deductions residents receive from owning a home are powerful incentives to get people into the housing market. Encourage decision makers to look for ways to boost the real estate industry as a way to jumpstart our economy. Let Trenton know skyrocketing property taxes threaten New Jersey’s economic well-being.

Take action NOW!

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