Budget NEWS for 2009

In a press release from the New Jersey Association of Realtors ( NJAR) sent to it's members it discussed the newly proposed budget from Governor Corzine. NJAR expressed that they were encouraged by the fact that no new taxes were imposed on the real estate industry or property owners.

According to the release, in the address to a joint session of the New Jersey Legislature,  Governor Jon Corzine outlined his spending priorities for the upcoming year. The Governor unveiled a proposal that cuts state spending by $500 million over the previous year's $33.5 billion budget and does not contain any new taxes or fees.

State Job Cuts

Governor Corzine is looking to achieve a reduction in state spending by cutting a minimum of 5,000 state jobs through a series of layoffs and buyouts. Governor Corzine said he wants to reduce the size of state government by also eliminating the Departments of Agriculture and Personnel, and the Commerce Commission. The plan calls for aid to hospitals, municipalities, and colleges and universities to be reduced. *

Property Taxes

Governor Corzine also acknowledged New Jersey's property tax crisis in his budget address. Under his 2009 spending proposal, 70 percent of homeowners will receive exactly the same $1,000-plus rebate they received last year. However, the Governor wants to reduce property tax rebates for households who earn between $100,000 and $150,000. Under his plan, if your household income exceeds $150,000 you will no longer be eligible for the rebate program. *

Education Increases

Additionally, Governor Corzine seeks to increase educational aid by $550 million, as was called for in the new school funding formula.

For more information and the content of the Governors speech and 2009 budget proposal visit http://www.nj.gov/governor .

* Some of the content above is from the press release from NJAR. For more information about the New Jersey Association of Realtors and it's members visit http://www.njar.com . A full copy of the association's release is on it's members web page.

-------------------------------------------------

Thinking of buying or selling your home in Bergen County, New Jersey?

Let me help you. Know the sales value of your new home and your new neighborhood * based on actual market comps. Allow me to present a Comparative Market Analysis to you that is customized to your home, finances and your specific needs. This will give you detailed information about pricing and selling your home in the current market or BUYING your home in your new neighborhood.

For more information about buying or selling your largest financial asset, contact me at CupaT@aol.com.

 http://www.pamelastetson.com/