I am a REALTOR®.
A REALTOR® is a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR) and who abides by its Code of Ethics.
I am a Member of the Middlesex County Association of REALTORS®, New Jersey Association of REALTORS® (NJAR) and the National Association of REALTORS®.
Equally important to the Code of Ethics that all REALTORS® must abide by is the fact that these Trade Associations are the premier advocacy groups for private property rights for both the consumer and real estate licensees.
In case you missed some important news affecting private property ownership, I am providing Press Releases issued by the New Jersey Association of REALTORS®.
February 27, 2009
New Jersey REALTOR® Oppose Obama Plan To Slash Mortgage Interest Deduction
The New Jersey Association of REALTORS® (NJAR®) today said President Obama's budget proposal to reduce the amount of mortgage tax deductibility for families earning over $250,000 will negatively impact housing and economic recovery efforts in high cost areas like New Jersey.
"While New Jersey enjoys the second highest household median income in the nation, our taxpayers also bear the heaviest state and local tax burden in the country," said NJAR® Executive Vice President Jarrod Grasso, RCE. "In a high cost state like ours, reducing the amount of mortgage interest a family can deduct from their taxes will have a devastating impact on housing recovery efforts and limit many people's ability to achieve the dream of homeownership."
President Obama's budget proposal would limit the tax rate at which high-income taxpayers, those whose family income is $250,000 ($200,000 for singles) or more, to 28 percent for itemized deductions. Even though the proposal would apply only to households earning $250,000 or more, home prices across the board would fall as home buyers discount the value of the deduction in their purchase offers. This will lead to a drop in all home prices because a fall in home prices at the top end will eventually filter down to lower priced homes.
"At a time when both our federal and state governments are grappling with massive budget deficits and attempting to jumpstart our economy, this is exactly the wrong message to be sending," added Grasso. "Discussing President Obama's ill-advised plan will be at the top of our agenda when the NJAR® leadership team heads to Washington, D.C. next week. We are hopeful New Jersey's congressional delegation will see how this approach will undue the work they have already done to revitalize the housing market and work to change it."
The NJAR® leadership team will visit Capitol Hill in Washington, D.C. next week to discuss key issues that have an impact on property owners and the real estate industry, including the proposed cut in the mortgage interest deduction.
March 10, 2009
Corzine Budget Proposal is an Assault on Property Owners
Today, to a joint session of the New Jersey Legislature, Governor Jon Corzine proposed the state's spending plan for the upcoming year. This year's budget proposal was an attack on property owners. Property owners took a major hit when he declared his goal to eliminate the property tax deduction next year on state income taxes for everyone but seniors.
Amongst the drastic cuts Governor Corzine announced was a 2 percent reduction in municipal aid, which is used to offset property taxes. He also stated his intention to gut the property tax rebate program. Property tax rebates would be maintained at current levels for seniors, the disabled and those earning less than $50,000 a year. Households making $50,000 to $75,000 a year would only receive two-thirds of the rebate they received last year.
Additionally, Governor Corzine is looking to increase payroll taxes for unemployment insurance, as well as place a one-year three-fourths of 1 percent rate increase on the taxes paid by residents with incomes of $500,000 or more. He is also seeking to make state workers take 12 days of unpaid furloughs.
Governor Corzine said the new state budget will be about $29.8 billion, approximately $3 billion below the current spending plan. He said budget decisions were made as a result of a shrinking revenue base due to a poor economy. The bulk of $2 billion New Jersey is set to receive from President Obama's federal stimulus aid will go to Medicaid and education.
NJAR® is gearing up for a legislative fight to oppose Governor Corzine's proposal to do away with the deduction of property taxes paid on state income tax filings, as well as other proposals that will lead to higher property taxes. Stay tuned as we will need all New Jersey REALTORS® to be united in their opposition to these ill-advised policies.
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