For Immediate Release:
July 8, 2010

NJ REALTORS^®: Tax Cap Compromise is a Critical First Step to Addressing the Property Tax Crisis

(Edison, NJ) Today, Chief Executive Officer of the New Jersey Association of REALTORS^® Jarrod C. Grasso praised Governor Chris Christie and the New Jersey Senate for their work on developing a cap aimed at controlling the yearly increase in property taxes. Over the Fourth of July weekend, Governor Christie and lawmakers in the Senate came to a property tax cap compromise.

"As the leading advocate for Garden State homeowners, the New Jersey Association of REALTORS^® is encouraged by Governor Christie and his Senate colleagues in their efforts to reign in soaring property taxes," said Grasso. "While we recognize that the tax cap compromise is not the definitive answer to our State's property tax crisis, we are happy to see our elected officials taking a bold first step to address this issue."

Under their plan, municipalities cannot increase their property taxes by more than 2.0 percent annually. There would be four limited exceptions to the property tax cap, which include health care and pension costs, as well as debt payments. Towns would also be granted leeway under the proposal in the event of an emergency, such as a natural disaster. Voter approval of 51 percent would be required to exceed the cap.

"Perhaps the most important component of the compromise was allowing voters to have a say in the process," added Grasso. "New Jersey residents have suffered too long under a broken system and they certainly have earned a right to have a voice in how their tax dollars are spent. It was only fitting that over a holiday weekend when we celebrate freedom and our nation's independence, lawmakers came to a consensus that will empower the voters."

Grasso urged the Legislature to continue to work with Governor Christie to enact proposals that will not only slow the rate property taxes increases but eventually lower them.

Citing Governor Christie's accompanying property tax "toolkit," Grasso concluded, "We have a long way to go before we defeat New Jersey's property tax beast. However, the tax cap legislation represents a truly bipartisan willingness to finally address the matter. I hope this era of compromise continues throughout the summer as lawmakers consider the other measures put forth by the Governor."

The New Jersey Association of REALTORS^®, with approximately 48,000 REALTOR^® and REALTOR-ASSOCIATE^® members, is one of the largest trade organizations in the state. NJAR^®'s membership is comprised of real estate professionals who subscribe to a strict Code of Ethics and are members of the national and local REALTOR^® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR^® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com.

# # #

 Subscribe to Press Releases    Tweet   

For media inquiries contact:

Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano@njar.com

For legislative related media inquiries contact:

Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert@njar.com