NCJAR News
Homeownership has long been associated with a range of financial advantages—including some substantial tax breaks. Now, thanks to a sweeping new federal tax reform law signed on July 4, 2025, those benefits have become even more compelling.
Under the new law, homeowners and homebuyers can save significantly more money by deducting a larger portion of their state and local taxes (SALT), including property taxes. Whether you're already a homeowner or thinking about buying, this reform is worth your attention.
Standard vs. Itemized Deductions: What’s Changed?
When filing your federal tax return, you have two choices: take the standard deduction or itemize your expenses. For the 2025 tax year, the standard deductions are:
- $15,750 for single filers
- $31,500 for married couples filing jointly
- $23,625 for heads of household
Typically, most taxpayers use the standard deduction. But the recent reform significantly increases the SALT cap, meaning more homeowners will benefit by itemizing their deductions instead. Why? Because higher allowable deductions mean lower taxable income—and that means you keep more of your money.
Chris Coccia highlights key wins from Realtor® advocacy efforts, including the passage of the One Big Beautiful Bill Act, which brings lower income tax rates and expanded housing tax credits. With the market poised for recovery—home sales expected to rise and mortgage rates projected to dip—Realtors must stay prepared. He also breaks down New Jersey’s 2026 budget changes to the realty transfer fee, emphasizing new tax burdens on sellers in high-end markets. NCJAR continues to support members through advocacy, resources, and essential tools. Stay informed—follow NCJAR online and in your inbox.
Visit www.NCJAR.com for more updates.
Struggling to get your buyers’ offers accepted in today’s highly competitive market? Don’t miss this exclusive session featuring expert insights from Affiliate Business Partner Lucas Hernandez of MLB Mortgage. Learn how to strengthen your offers with appraisal gap strategies, seller-paid rate buydowns, creative down payment solutions, and lender-backed tactics that give your clients the edge.
Key takeaways include:
-
Proven strategies to help your buyers win bidding wars
-
Scripts for handling common objections
-
Insights into why financing terms can make or break an offer
Watch the recording below to elevate your offer-writing skills and become the agent who always delivers.
Deadline: August 15, 2025
Drop-off Location: 910 Mt. Kemble Avenue, Morristown, NJ 07960
NCJAR is proud to partner with the Boys & Girls Club and other local organizations to support underprivileged children in our communities. Help us ensure students from Kindergarten through 8th Grade start the school year ready to succeed—with brand-new backpacks and essential school supplies.
Your donation can make a meaningful impact. Whether it’s a notebook, a lunch box, or a pack of pencils, every item helps a student feel confident and prepared for academic success.
Suggested Donation Items Include:
