New Jersey’s ‘Biltmore’ Estate Sales Boom Is Coming to the States of Texas
New Jersey is gearing up for a boom in real estate sales, as the state’s property-tax deduction for real estate comes to Texas.
New Jersey Gov.
Chris Christie announced the new tax-free deduction last month.
“I have been a real estate investor since I was a little kid, and I have never seen a time like this,” Christie said.
“In the past five years, the New Jersey Real Estate Investment Trust (RIT), which manages the state tax deduction, has seen record sales of approximately $10 billion.”
Christie said the state will not be able to collect its full tax deduction in Texas.
“There is no way for us to fully offset the costs of the RIT tax deduction and it’s time for the legislature to pass a tax-exempt deduction for the state,” Christie wrote in a statement.
The governor said he has spoken to Texas Governor Greg Abbott, who also plans to declare a state of emergency in the state.
“The RIT is a great state, but the governor has made clear he would like to work with the governor and Legislature to come up with a solution to the problem, and the governor is committed to meeting this challenge,” Christie’s office said.
The RIT has already received about $8 billion in state and local tax credits for real-estate investments since its creation in 2008.
Texas is the biggest home-sale market in the U.S., but Christie said that will not last.
“If you look at the real estate market in Texas, it is still very much in a bubble.
That bubble is still too big, and it will continue to grow, and we need to get out of that bubble, and that’s what we’re going to do,” Christie told the Associated Press.
“It is the largest market in America, and a lot of people who have investments there are not paying the full market rate.”
Christie has been in office for just one year, but he is a favorite among Democrats because of his work to overhaul New Jersey�s tax system.
Christie has proposed tax cuts and other tax relief that could bring New Jersey revenue in line with Texas and the rest of the country.
The state already is the fourth-largest in the country in terms of its population and in economic output.
Christie is not the only one who has been thinking about ways to ease the tax burden on New Jerseyans.
In the past year, lawmakers in New Jersey have been considering a proposal that would cut the state�s corporate tax rate from 12 percent to 8 percent.