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Kevin Sanders for New Jersey Globe

Webber: Sherrill lying about tax plan effect on property values

By Nikita Biryukov, September 04 2018 6:41 pm

Editor’s Note: This article was updated with comment from Sherrill’s campaign at 7:03 p.m.

Assemblyman Jay Webber accused Mikie Sherrill of lying about the effects the tax cuts passed by national Republicans last year will have on property values in the 11th district.

Sherrill has more than once made the claim that the $10,000 cap on the state and local tax deduction would tank property values in parts of the district.

A press release put out by Sherrill’s campaign on on Aug. 6 made that claim, and Mikie Sherrill’s Twitter account tweeted a graphic, sourced to Moody’s Analytics, claiming that all four counties in the district would have property values drop by at least 8%.

But, in the almost nine months since the tax cuts passed, property values have continued to rise.

A report by the New Jersey Association of Realtors found that property values in each of the district’s counties rose between July 2017, five months before the tax plan was passed, and July 2018.

The same was true for the country at large.

Sherrill’s response might prove an effective one, as it cites the stance of former Rep. Rodney Frelinghuysen, who, unlike Webber, opposed the tax cut and voted against it.

“You don’t have to take our word for it. Here are three verified independent sources outlining the consequences of this bill,” Sherrill’s campaign said, going on to quote Frelinghuysen. “‘The people of New Jersey already carry an extremely heavy tax burden. They need and deserve tax cuts. Unfortunately, H.R. 1 caps the federal deduction for state and local taxes (SALT), which will lead to tax increases for far too many hardworking New Jersey families. This legislation will also damage our state’s housing market and business Environment.’ “

 

 

In his attack, Webber gave a particular amount of focus to Sherrill’s own home, which rose in value from about $1.5 million in 2017 to just under $1.9 million in 2018.

There is some evidence that home values have fallen in parts of the country, though those instances appear to be somewhat limited.

A report in the New York Times found that some high-tax areas of the country, particularly in blue states, have risen.

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3 thoughts on “Webber: Sherrill lying about tax plan effect on property values

  1. The reality is, recently enacted tax reform that Jay Webber supports and Mikie Sherrill opposes has helped stimulate the demand side of the economy, create jobs, increase take-home pay, and improve the financial outlook of millions of Americans. In fact, consumer spending on real estate has increased since tax reform was passed. Home values in New Jersey have increased, but we still lag behind the rest of the nation because of policies coming out of Trenton that drive wealth and jobs away from New Jersey. Jay Webber has fought for tax cuts and regulatory reform, but the leadership of the Democratic Party, including some who support Sherrill for Congress, have resisted efforts to make New Jersey more affordable. Now, Sherill supporter Governor Phil Murphy has raised taxes and entered New Jersey into a cap & trade scheme that will likely increase utility costs. If Ms. Sherrill was really concerned about home values in New Jersey, she would run for the State Legislature as a Republican since the Democrats have hurt New Jersey’s real estate market with their spend & tax garbage. Vote Jay Webber for Congress!

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