Elimination of NJ Property Tax Deduction

Governor Corzine in his budget address on March 10, 2009, called for a one-year suspension for all non-senior households, regardless of income, to deduct property taxes from their state tax filings.  Responding to public outrage, 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.  His latest proposal eliminates the property tax deduction for families earning over $150,000, which will affect the majority of house holds within my market area (I78, 24 and I287 triangle). 

As a concerned citizen, I am urging you to support the complete restoration of the property tax deduction.  Given current financial conditions, this is the worst possible time to propose any legislation that undermines the basic foundation of homeownership.  New Jersey’s property taxes are the highest in the nation and continue to spiral out of control with the average tax bill soaring above $7,000.  I encourage you to speak out against the budget proposal by sending a public letter to lawmakers by visiting the New Jersey Association of Realtors Center.

Thank you for your time!

Sincerely,

Martha McDonnell

Lois Schneider Realtor