Last Chance to save our Property Tax Deduction in New Jersey!

Last Chance to Save Our NJ Property Tax Deduction

State Budget Fight Not Over! ( Info below taken from NJAR site, adding my own 2 cents of course)

Earlier this spring, Governor Jon Corzine called for a one-year suspension for all non-senior households (younger than 65 years old) making more than $150,000 to deduct property taxes from their state tax filings.  Chipping away at incentives, such as the property tax deduction, is harmful to homeowners and the real estate industry.  The partial elimination of the crucial deduction represents a backdoor tax on  homeowners.  The $150,000 threshold will impact many of New Jersey’s homeowners, and this is on top of the already  steep real estate taxes, and the  ”mansion tax” on homes  $1Million dollar +, which in many of the Northern NJ towns, are far from mansions. This proposal is shortsited and  insane!  Its no wonder that the only sector to grow in NJ this year is government!

 

 Given current economic conditions, this is the worst possible time to propose any legislation that undermines the basic foundation of homeownership and the growth and stabilization of the real estate industry.  Oppose the partial elimination of the property tax deduction and any increase or new taxes on the real estate industry or property owners that may arise out of last minute budget negotiations.

 Tell me more

 Dear [ Decision Maker ],

 With the push to adopt the FY 2010 budget proposal now upon us, I ask that you support the complete restoration of the property tax deduction. As part of his budget plan, Governor Jon Corzine called for a one-year suspension of the ability for all non-senior households earning more than $150,000 to deduct property taxes from their state tax filings. Given current economic conditions, this is exactly the wrong time to impose a backdoor tax on working class homeowners.

Tax deductions that residents receive from owning a home are powerful incentives to get people into the housing market. The real estate industry drives the Garden State’s economy. In fact, in 2007, it accounted for more than 20 percent of the Gross State Product. The best way to create a robust economy is to have lower taxes and tax breaks specifically targeted towards strengthening the housing market. It’s time to follow in the steps of our national leaders by taking action on a state level to encourage the growth and stabilization of our housing market.

As the budget process is drawing to a close, I urge you to restore all homeowners’ ability to deduct property taxes from their state tax filings. I also encourage you to reject any last minute proposals that may arise that seek to raise taxes on the real estate industry or property owners.

Real estate is already heavily taxed through property taxes and transfer taxes. Further tax increases on property owners and the real estate industry will only make matters worse. We hope the focus would be on enacting policies that jumpstart our economy by attracting new businesses and residents, not raising or imposing new taxes on our already overburdened residents.

The only real long term solution for New Jersey’s budget woes is economic growth and job creation. Please promote New Jersey’s financial recovery by vowing to oppose any policy that seeks to raise taxes on one of our state’s most vital business sectors, the real estate industry.

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This entry was posted on Saturday, June 13th, 2009 at 4:39 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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