From the AP:
Latest tax plan would cut costs 20%
Most New Jersey residents would see their property taxes slashed by an average of 20 percent under a plan that calls for changing school funding and pushing local governments to merge, legislative leaders announced Thursday.
The proposal of a 20-percent tax credit paid by the state was unveiled less than a week before a deadline for lawmakers to offer ways to cut property taxes in New Jersey, which has the highest such levies in the nation.The average resident pays $6,000 annually in property taxes, twice the national average. A 20-percent cut would slice that average bill to $4,800.
Senate President Richard J. Codey and Assembly Speaker Joseph Roberts Jr. said the aim of the plan is to bring quick help to taxpayers. Four legislative committees have been meeting for months, studying how to lower the taxes, which are used to pay most county, municipal and school services.
“An average 20 percent property tax credit for the majority of New Jersey households is achievable,” said Roberts, D-Camden.
The leaders didn’t specifically detail how they will achieve a 20-percent cut, but said the plan includes:
— Having the state directly pay 20 percent of a household’s property taxes.
— Establishing a new school aid formula that will provide funding based on need and include increased accountability for school spending.
— Reforming public employee pensions and health benefits.
— Helping municipalities and schools find ways to consolidate, regionalize and share services.
I don’t quite understand this part..
Having the state directly pay 20 percent of a household’s property taxes.
And where exactly is the state going to get the money?
jb
Hit the corporations and continue to drive business out of the state.
JB,
Ya beat me to it.
At first I thought they were saying the legislation would create cuts or reductions due to mergers that would reduce taxes by 20%.
And then I read that one line… why would the state have this money, isn’t it the county and/or the local government that collects the property taxes?
And why give it back, just take less!
Rich
Go Rutgers!
This will never happen. Just lip service, and as JB pointed out, where they going to get money.
Go Rutgers. That was a hell of a game. Hope they break the top 10 now.
SAS
Here is part of the problem:
“Democrats control the Assembly, Senate and governor’s office”
you know how the homeboys love them Dems & the dol.
you want lower taxes, get rid of the dol.
SAS
From the Daily Record:
Latest tax reform plan: Cut your property taxes 20%
Without providing much detail, the state’s legislative leaders announced Thursday that a majority of households would see their property tax bill drop about 20 percent after they enact reform bills by the end of the year.
The Legislature is in midst of a special session meant to cut the state’s highest-in-the-nation property taxes. The four legislative committees dealing with different aspects of the state’s property-tax system have until Wednesday to submit reports with recommendations on short-term relief and long-term restructuring of the property tax system.
…
The New Jersey State League of Municipalities, which had been leading the calls for property tax reform, was pleased lawmakers haven’t given up on changing the property tax system but wants details.
“All we’re all reacting to now is a press release. The press release has no details other than what they intend to do,” league Executive Director William Dressel Jr. said. “… A 20 percent reduction is an excellent first step, and we anxiously await the details as to how they’re going to fund that 20 percent reduction.”
Does this mean i as a renter will be funding some ARMers property tax relief????
“we anxiously await the details as to how they’re going to fund that 20 percent reduction.”
test
jb,
We are not going to get any federal aid to fund this campaign.
Here are few possibilities on where the funding may come from.
1] Sell assets, bonds, land etc.
2] Tax businesses.
3] Tax individuals.
4] Generate more income :)
How are renters going to benefit from any of the funding processes that you may think of?
I believe we should ask this question before it is too late. I don’t mind property tax relief as long as i as a renter get a check in the mail.
I need to understand how many dollars that 20% represents. Anyone have a link or know the total property tax dollars collected over the recent past?
jb
http://www.njchamber.com/media/property%20tax/july%2027.htm
Scroll down on the link above, you’ll see a number of proposals. The majority seem to focus on consolidation.
Looks like I’ve got my reading material for the day..
jb
This one is a favorite:
http://www.njleg.state.nj.us/2006/Bills/S1000/864_I1.HTM
This bill is intended to provide property tax incentives for residents of adjacent municipalities to consolidate with each other, thereby reducing expenditures for government officials and governmental functions. The property tax incentives would be in the form of a 10-year, enhanced homeowners’ rebate for homeowners in consolidated municipalities whose property taxes increase due to the consolidation. The amount of the enhanced rebate would be the difference between the taxes paid in the preconsolidation year and the taxes paid in the first year in which the consolidation or regionalization is effective.
No consolidation? No relief
A close second, county-level school administration:
http://www.njleg.state.nj.us/2006/Bills/S2500/2267_I1.HTM
This bill provides a public school governance structure for counties in which the voters approve the establishment of a county administrative school district to take over the governance and operation of the public schools in the county. In counties that approve the establishment of a county administrative school district, the schools of the county would be conducted by and under the supervision of a board of education of the county administrative school district (“county board”) and administered by a chief school administrator of the county administrative school district. Local boards of education in the county, including the vocational school district and county special services school district boards, if any, would cede authority to govern the public schools within their jurisdiction to the county board, though they would continue to exist in an advisory capacity.
v Says:
November 10th, 2006 at 7:20 am
jb,
We are not going to get any federal aid to fund this campaign.
Here are few possibilities on where the funding may come from.
1] Sell assets, bonds, land etc.
2] Tax businesses.
3] Tax individuals.
4] Generate more income :)
I have one more way to cut taxes:
cut spending….
Too big ones in the paper:
Reforming public employee pensions and health benefits.
Helping municipalities and schools find ways to consolidate, regionalize and share services.
Perhaps we may see change after all?
http://www.njleg.state.nj.us/2006/Bills/S2500/2244_I1.HTM
This bill requires the Commissioner of Community Affairs, in conjunction with the Director of the Division of Taxation in the Department of the Treasury, to prepare a comprehensive master plan to phase out, over the course of two years, municipal property tax assessment and collection services, municipal animal control services, and municipal public health services, and to establish county-wide property tax assessment and collection services, animal control services and public health services for each county. The plan shall establish the structure for the provision of each service by the county and shall detail the following information for each county: the means by which the consolidation of these functions shall be effectuated, the initial costs of the countywide consolidation of these functions, and the long-range cost savings to be realized through the consolidation of these functions by the voters pursuant this act; and such other provisions as the commissioner deems necessary. The plan shall be completed within 90 days following the date of enactment of this act.
Get paid to play!! Glen Ridge residents don’t want to consolidate with Montclair, no dinero!!
RE:RU;
What a game. At least the sate can be proud of its college football!! Congrats to the Scarlet Knights!!
What happens to towns that already consolidate? Caldwell and West Caldwell have a joint school district, share services such as police dispatch. I think Caldwell citizens would agree to consolidate but I don’t think West Caldwell would go for it because Caldwell’s taxes are higher than West Caldwell’s. Essex Fells is already in West Essex Regional school district and they share police dispatch with North Caldwell but I don’t think they would vote to consolidate with the other West Essex towns. The West Essex towns can’t agree about running the junior high and high school – I don’t know how they would ever agree to consolidate.
sounds like higher income taxes to me
‘”Those who make under $100,000, under $50,000 pay such a significant portion of their income in property taxes, that takes an unfair tax like the property tax and makes it even more unfair,” Roberts said.’
Hello, fuzzy math. Someone who makes $150K but owns a $1M house will pay proportionately more than someone who makes $80K and owns a $500K house in the same town – especially if you consider after tax dollars and the effects of marginal taxation.
These idiots really get my goat. At least he thinks the property tax is unfair – so I suppose that’s a start. I won’t hold my breath on any reductions on my $15K per year tax bill though.
Well, RAH RAH Rutgers RAH!!! I’m one helluva proud alumna today! What a game…had to go to the city afterwards and got to see the Empire State Building in its scarlet glory — way cool.
GO RU!!!
Michelle,
Congrats!! The Empire State Bldg was magnificent. Kudos to whoever was able to pull that off.
Do we sell the NJ lottery to pay for this??? They’ll piss thru that $ so fast, the balance will drop faster than RE prices.
perhaps NJ should just become a gambling state.
Make NJ like Nevada and Altiantic City like Vegas.
yes?
SAS
SAS,
Good point!!
SAS Says:
November 10th, 2006 at 8:44 am
perhaps NJ should just become a gambling state.
Make NJ like Nevada and Altiantic City like Vegas.
yes?
SAS
Lol I am Up for it.. let’s see.. Overpopulation. unions, Gambling and prostitution….
Hmm I just can’t remember what is it reminding me of… ohh I remember – the movie “Gangs of Ney York”… But it is funny – I have never saw the movie :)
I still think we’re going to see casinos in the Meadowlands. The Xanadu project is just about in the gutter, racetrack revenues are declining, the arena is useless if the new arena in Newark opens.
Barrack isn’t a dummy, gaming is the wildcard. Meadowlands is going to be the equivalent of Reno, AC North.
jb
I think we should move Zoffinger from the post of Pres of NJSEA to Trenton. Let Corzine report to him, that will shake up this state!!!!
Lol I am Up for it.. let’s see.. Overpopulation. unions, Gambling and prostitution….
I don’t share the same viewpoint. When I think about a major gaming project there, I think of the tens of thousands of construction jobs to build it, the tens of thousands of new jobs to run it, the additional tax revenues, the potential to create the next “hot” tourist destination, etc.
jb
NJ casinos facing increasing competition. Looks like Spitzer is dealing to get a big casino in the Catskills. You’ve already got Foxwoods taking a big slice out of the AC pie. Fortunately, Harrah’s lost its bid to build one in RI this week, but they are determined to put one up somewhere within reasonable distance of NYC and Boston and I think it’s bound to happen at some point.
So many states are turning to gambling that there are bound to be diminishing returns at some point. Vegas may be unique, but I would be wary of a gov’t that relies on gambling revenues too much. there are too many other gov’ts trying to eat that lunch too
The state has the money and can make up for the difference in property taxes without raising corporate or sales taxes. We pay too much for state services (and I’m not including contract labor in this). Corruption guarantees that we don’t pay the best price for what should be competitive services. Minor changes to state pension and healthcare benefits, eliminating corruption, and consolidation of services would drastically reduce property (and likely sales) taxes if we were brave enough to implement them.
To those concerned about driving business away with higher corporate taxes — it’s really only worth keeping companies that offer highly paid jobs in the state. It doesn’t do us any good financially or otherwise to keep corporate taxes low on companies that pollute or don’t pay their workers enough to afford health care.
From the Star Ledger:
Property tax cut averaging 20% planned for’07
Codey and Roberts said they expect the property tax relief package to also include a new school aid formula based on need, reforms to public employee health pensions and benefits, and plans to help towns and schools either consolidate or share services to save money.
The legislative leaders said while the average tax bill would be reduced by 20 percent, most of the tax relief would be targeted to lower- and middle- income homeowners. Those in the upper brackets would get smaller reductions, or nothing at all.
“eliminating corruption”
1st time,
Remember we are talking about Jersey. Where the hell do we start, blow up Hudson County???
Also, you have to have a tax friendly business enviroment, otherwise they flee along with the pipeline of prospective new home buyers.
What makes you think that the “companies that offer highly paid jobs” would not be driven away by higher taxes?
Are property tax and income somehow tied to one another, as Michelle tacitly suggested in 22?
That doesn’t seem to be the case in my town.
Maybe the original commenter meant to qualify their statement, that property taxes are a regressive when considered as a portion of gross income.
I agree with Rich, what you are talking about is making a subjective call on which businesses you want to keep, and which you don’t.
That kind of market manipulation is bound to be fraught with corruption or just plain backfire.
jb
I would like one more thing Consolidated.
ZONING.
If County wide zoning is done, one can give more emphasis on mass transit, centralized office parks, bettwe SFH & Condo & Active Adult community development etc… North & Central NJ is no longer small towns separated by miles of farm land. It needs better master plan to reduce sprawl and better traffic management.
This new legislation is nothing short of incredible. It will have a major impact into the economic dynamics of this area.
We are basically putting control into the hands of the voters. You want a tax cut? Consolidate, it’s that simple.
Will Glen Ridge merge with Montclair? Will Newark merge with Irvington? Will we see a consolidated Oranges? Franklin Lakes/Wyckoff/Oakland? Will there be major uproar with a Passaic/Paterson/Clifton merger?
If these rebates apply to property taxes paid by businesses, that can change the business climate of portions of this state dramatically.
I can see the upscale communities rejecting consolidation, only to be stuck with amazing tax bills, while the others merge and reap the benefits. Opens the door for some pretty interesting gentrification possibilities.
The dynamics of this are making my head spin.
jb
Unfortunately, I think I’m being much too positive about this. I have a feeling the greater majority will simply oppose consolidation. The teachers, police, firefighters, and other government workers will likely fight it tooth and nail. I can just imagine the scare tactics that are going to be used..
jb
Link to the speech that Bernanke gave this morning in Europe:
Monetary Aggregates and Monetary Policy at the Federal Reserve: A Historical Perspective
“scare tactics”
I was thinking the same thing.
Just think about the numbers that bought homes during peak pricing because they never did their own research.
Now imagine these same people getting their information glossy mail inserts from the NJEA and police organizations.
I’m excited about the possible changes as well.
Well, except for this bit of information: “Those in the upper brackets would get smaller reductions, or nothing at all.”
Rich
“The teachers, police, firefighters, and other government workers”
Major heavyweight battle!!!! Can’t wait for the bell to ring!!
It is going to be ugly and drawn-out, that is for certain.
jb
Off topic, but I need to vent.
I put in an offer on a house that the sellers have been trying to sell for about a year (on and off the market since fall 2005). Asking price: $409K. They purchased it in 2004 for $310K. Put on new roof, and painted it, new kitchen, etc.
Their listing says: PRESENT ALL OFFERS.
I bid $340K, planning on going up a bit from there (max: $360K).
They came back and said that it’s too low, they won’t even counter offer!
I’m so aggravated and annoyed at these sellers these days, that I would now not even THINK about offering them $360K! They’re being WAY TOO greedy!
Rich In NNJ Says: What makes you think that the “companies that offer highly paid jobs” would not be driven away by higher taxes? (and others…)
It’s not a matter of lowering or raising corporate taxes across the board or subjective decisionmaking. It’s a matter of stopping tax incentives to specific companies and industries that cost us real dollars in healthcare, environmental, infrastructure, and other costs. We don’t need to raise corporate taxes, we need to enforce them.
Well I think 1 untapped resources is the briged comming into NJ. I know the money collected is for maintence, but why can they be used to help cut the burden of property taxes?
Place to add or increase toll amount
Rt 1 comming in NJ Start charging 5.00 each way
Rt 95 – Build tolls and charge.
Small bridge in trenton, start chrgning 5.00
Rt 78 5.00 both ways
rt 80 5.00 both ways
The point is there are many commuters so if NY can charge us to get in there why can we chare PA to get into NJ? I think we should start charging from PA into NJ or NJ into PA 5.00 each way. Again charge out of state tax. You live somewhere else and work here the heck with it, you have to pay a 10% out of state fee to NJ
Why not NJ seems to make up weird taxes anyways.
Make a junk food tax on food that not a neccesaty like Ice Cream, cookie, potato chips, candy, soda tax etc. I mean certain foods like eggs, chicken, meat are a necessaty to live so they shouldnt be taxed, but Ice Cream, Cookies, candy etc is not something people need to eat to survive, so tax that.
And I think its important to stop giving corporations tax breaks, They have the money they just do not want to spend it, Johnson and Johnson has 24 Billion dollars to spend to buy that companuy that ended up being purchased by Boston Scientific, but they do not have money to pay state tax too?? Come on now. We should start taxing these busniesses and yes maybe some will leave NJ but hey having your busniess in NJ is like having it in NYC its a status symbol, if you want the status than you need to pay just like everyone else. And once they reform school spending and government pensions I think it will be realistic for people to see a 20% drop in property taxs. I think government just needs to be a little more creative in there ideas. I am not saying mine are perfect, but NJ needs to think outside they box and find untapped resources of taxing.
Fact or fiction?
Since January of this year a net loss of 57,000 upper income families have left the state. Many of these moved their companies as well. Over 40% have chosen Florida as their new home.
NJ is seeing a substantial reduction in tax revenues indicating that the State budget for next year is going to be underfunded by a record amount, larger even that for 2006.
The exodus is expected to continue with a substantial number of upper income homes in northern and central NJ having either been sold or put on the market.
lina: Your offer was generous in this market. They didn’t refuse your offer because they were greedy — they refused your offer because after the 6% commission, they won’t be able to afford the downpayment on their new (certainly more expensive) house. They’re stuck, they’re worried, their friends sold their houses for much more, and they have an agent that is lying them about what they should expect. If the house is still on the market in a few months, I wouldn’t be surprised if you got a call. When you do, bid 5% less than your original offer.
First Time:
Thanks for that insight – makes allot of sense. Patience is the name of the game in this market…..
Can someone tell me if these MLS#s are under contract or if the listing simply expired?
2269357
2272762
the state is broke!
Stop the gimmicks just cut overhead.
Boooooooyaaaaaaa
Bob
lina, you have to find an outlet for your frustration.
For each lowball you make that is rejected, go on over to an auction site and buy a pretty little piece of inexpensive silver jewelry with the stone of the month in which you made your bid. I have a favorite seller, and get the stuff for a few dollars a piece.
They are like little bandaids for battle wounds. You can also put it in an envelope and mail it to the homeseller who rejected your bid, with a little note that says, “Thanks for considering our offer on your home. Please do not hesitate to contact us at any time, as our family is still in need of a home.”
2269357 – UC
2272762 – Expired
A number of people I know have been making lowball offers directly to owners lately. They are basically handing their card to the owners and saying:
“Here is my offer, call me when your listing agreement expires, no sense paying that 5 or 6% commission.”
jb
Interesting lowball in Kinnelon on the hot sheet this morning..
MLS# 2286766
Original List: $670,000
Reduced: $599,000
Sold: $520,000
Having been over this for months I have to wonder about people who manage to express surprise that this is going to be a switch in where the money comes from rather than a cut.
New Jersey is a high-middle state in the tax game. It can be better, and it might actually be, but this is about ,lowering property taxes, not the overall tax burden.
An absolute certainty is that high-income renters are going to be on the short end of any change. No matter how you look at this that is a certain outcome, I don’t think it’s good or bad, it is just what is sure to happen.
Also, I haven’t read all the posts, but from those I did read everyone seems to be skipping right past the word “average”.
That does way more than imply that this won’t be across the board, it guarantees it.
As noted, there’s not much in the way of detail right now, but I’m guessing that this is going to put the ball very much in the court of the municipalities.
The state is going to dangle the carrot of big subsidies for merging, and if the town’s don’t go for it, they are going to have to answer to their residents as to why.
I doubt the formula they use for this will be fair, but I can’t wait to see it.
It’s not ALL bad news–especially for the Garden State’s headache sufferers.
http://www.blogs.nj.com/newsupdates/slnewsupdates/default.asp?item=274391
Give and take with the big pharma..
http://www.njbiz.com/weekly_article_reg.asp?aID=24912002.2131481.892762.9928001.85712303.353&aID2=68665
The drugmaking unit of German chemical company Altana AG, is shrinking its U.S. headquarters in Florham Park. Altana Pharma will lay off roughly 400 workers over the next three quarters as part of a company-wide reorganization, says company spokesman Josef Goetz. It will close down its sales and marketing team here by year’s end, laying off around 50 workers. In addition, the company will cut 300 people in its field sales force who reported to Florham Park.
The key word was “average”. I want to see a “minimum” 20% decrease. Averages and medians are horrible statistics.
As for funding it, that’s easy. Fire half of the states employees. They’re useless anyway.
-Richie
Consolidation without job cuts will only increase the overhead and cost. Can the NJ economy absorb the massive government job cuts that will be necessary?
jb
Go Rutgers
I was at the game last night. It was incredible to see it live. Of course, I didn’t get home until 2:00 am, so today I’m paying for it!
It certainly was an unexpected political move. I had expected the legislature to try to ram consolidation down everyone’s throat.
This plan is much more saavy. Dangle the carrot and see who bites. I’m sure consolidation will be rejected early on (probably quite vehemently). Over time? Who knows, but I can see sentiment change once folks start hearing the stories of lower tax bills a few towns over.
Upper Middle and Upper classes will get the shaft. It’s much easier to cut 20% off a $4000 tax bill ($800) than 20% off a $12,000 tax bill ($2,400).
jb
You all seem as if you don’t trust our elected officials. Didn’t the proposal to dedicate 1/2 of the new sales tax to property tax relief pass? That should be a lot of revenue, a good start to sending every homeowner a fat check. It may open up a bigger hole in the state’s budget deficit, however.
As someone pointed out to me on Tuesday, the money would go towards Property Tax Reform.
There was no mention of this money going back to the tax payer or municipalities. This may be how they plan on funding the “carrot”?
Rich
I think a good start would be to pass a balanced budget amendment to the NJ constitution. Stop spending over budget if you ever hope to cut taxes. Will make for some tough decisions. Politicians who want to get re-elected will have to think before spending. Just 2cents, but if you want to cut taxes, you’ve got to control spending….FIRST.
Renting & RU,
Wasn’t it worth a few lost winks??? How many times does an undefeated RU football team beat the # 3 team in the country?? Never!!
Wasn’t it worth a few lost winks??? How many times does an undefeated RU football team beat the # 3 team in the country?? Never!!
Absolutely 100% worth it. I was even offered $250 for my $28 ticket and I’m thankful I turned it down.
I loyally suffered through plenty of lost games when I was a student there, so this was just incredible.
first things first the states broke. where is the
money coming from.
How about a little pension reform
See what happens when you skip the earlier comments.
It was clear early on this was going to be carrots and sticks. I think they are going to need more sticks if they actually want to see some consolidation (and the savings that should entail). It would be nice to see the state start holding back current aid from towns that don’t get on board. (It would also help defray the cost to the rest of us).
Still, the systematic correction that needs to take place is removing the ability of municipalities/school boards/fire districts to tax. I realize that outright removal of taxing authority is all but impossible, but serious restrictions would be affective.
If the state were to chop (Keep Chopping) the bills by 50% it would really be only a short term solution as long as the people who got them that high in the first place have the ability to just go and do it again.
LMAO!! You guys and gals are killing me! Read my lips: “THEY WILL NEVER CONSOLIDATE SERVICES!! NEVER!!”
I wish they would but c’mon, this is NJ. It will never happen. The amount of jobs canned on the local and state level would be astronomical. You would be reading about bodies showing up everywhere like in the movie Goodfellas. lol Oh my God, hell would absolutely freeze over if property taxes were reduced even by 5%.
And James, who do you know that’s paying $4,000 in property taxes? I live on a POS 50 X 100 lot in Clifton and I pay over $7,000!
always a brilliant idea for a state to raise taxes on high income people most of whom work in another nearby state and live close to the border.
Low balling is just not working…. I got my third rejection on a lowball offer. Two of the three homes have been on the market for 4+ months…
I know we’re seeing allot of information on this site that says we’re in a correction, but I just don’t see it happening in reality.
Thoughts?
I think here is the catch. If you own more than one house in NJ, you get 20% break on one – your primary residence, not on investment or second homes. Is that true?
And why do the residents making more than $200,000 have to be treated as second class citizens? Makes me feel I am not welcome here.
Lina,
Yes, we’re seeing a correction in price.
But no one said, listed or posted information on this blog about a major correction in price taking place right now.
If that was the case then your offers wouldn’t be considered low-ball offers.
If anything, I recall many telling you to hold-off on bidding this year.
You should read through Grim’s ‘Home Prices Do Fall’ to educate yourself and get a historical perspective on how a past housing bubbles played out.
Patience Grasshopper.
Rich
Article on page 27 of todays Ledger stated,Teachers pension cuts will flunk.
The teachers have so much power they tell us what to do.
70% of our real estate taxes are controlled by them,. You know it is for the kids.
We have two friends that retired @55 with pensions over 50,000.00.
That $$$ is untouchable.
I will get a measley 1,500.00 a month when I can retire @ 66.
This fight should be very interesting—- Great job GRIM.
JIM
SG–having just attended a quasi-zoning meeting last night down at the Jersey shore, I heartily agree that some kind of county-wide zoning consolidation seems essential in a state as “built-out” as NJ. Also, there was a great editorial in the Asbury Park Press a couple of weeks ago about little tiny towns down here building new municipal complexes to serve places with year-round populations of under five thousand people. Surely a lot could be done with some kind of county-wide governance.
To SAS (and anyone else who’s jumping on the “turn NJ into Vegas” bandwagon): the casinos in existence already don’t seem to have done much for the state economy, but by all means, let’s encourage the citizens to do more gambling in the hope that we can turn that around.
This will make me very unpopular here, I know, but what NJ needs is an appropriate income tax.
I’m going to read that article; thanks for the link. I had to learn it for myself – I’m going to wait it out. I’m not rushed, and am NOT going to give these sellers their inflated asking prices.
Do you all think a recession will accelerate the housing price decline? I am absolutely predicting a recession in the late spring/summer 2007 timeframe. I work in the financial services industry, and spend on our products often predicts out what will happen in the general economy about 3 months later. We’re just now seeing a drop in spend.
“Do you all think a recession will accelerate the housing price decline?”
Yes, but it could also bring about job loss (which would really accelerate house price decline!) so I hope we can have prices where they belong and a healthy, if limping along economy. (That job loss could be you, or worse, ME!)
We’re in a good spot, time to educate oneself and time to save even more. Knowledge and cash will bring you more power at the bargaining table.
Best of luck, Rich
20% cut?
I only paid 2200 in Florida and no income tax.
it should be 70% cut and no income tax in NJ, too.
Guess I am smoking the same crack and dream the same as our NJ lawmakers. It is not going to happen.
“Low balling is just not working”
I will respond to this under weekend comments.
Low balling will work when sellers realize that is their only option.
Give it another 9 months maybe less.
What they (the legislators) should do is RAISE THE TAXES, not lower them! Everyone knows the the people who live in NJ are the biggest, dumbest, lumps this side of the Western Hemisphere. Hell, if you’re so dumb to have taken it this bad up the wazoo for so many past years, don’t you think you deserve it even worse now. Let’s face it, erveryone reaps what they sow, and if the good dumb lumps of NJ can’t figure out that the people they’ve been sending to govern themselves would rather fleece them, then just bend over and enjoy it. It’s what you’ve been asking for a long time, so stop whining about it.
Pingback: Anonymous
Pingback: Anonymous