EDISON — New Jersey Association of REALTORS (NJAR) Executive Vice President Jarrod Grasso issued the following statement Oct. 6 in reaction to ongoing efforts by the New Jersey Legislature to address the state's adverse economic climate:

“The New Jersey Association of REALTORS is pleased that both the Senate and General Assembly are pursuing legislative remedies aimed at boosting the struggling economy. There are several bills under consideration today that will help address New Jersey's business climate, as well assist families in financial crisis.

“Actions taken today by the Legislature are a good first step in helping the state weather the worst of the economic meltdown.
“As we look forward, Governor Corzine and the Legislature need to consider supporting a measure to roll back taxes on real estate, including repealing the recent increases to the Realty Transfer Fee that took place in 2003, 2004 and 2006. The real estate industry is a major economic engine fueling the overall financial health of New Jersey.

“That is why it is so vital to take steps to encourage the stabilization and growth of the housing market. Undoubtedly, the best way to create a robust economy is to have lower taxes and tax breaks specifically targeted towards strengthening the housing market.

“Furthermore, at a time when people are struggling because of an unsteady economy, the state must take definitive action to decrease the enormous property tax burden placed on the shoulders of its residents. While low mortgage rates and a tremendous housing stock for sale make it a good time to buy, many people are hesitant to make a home purchase because property taxes continue to spiral out of control. Soaring property taxes have a lasting negative impact on the housing market. It is time for our lawmakers to seize the moment to reform New Jersey's broken property tax system.”