Timed to Help Families Burdened by a Slumping Economy, 8th District Congressman Supported Additional Property Tax Relief for Homeowners

52,000        Pennsylvania Home Foreclosures in 2007
76,000        Estimated Pennsylvania Home Foreclosures in 2008

(Bristol, PA) – Today, at a press conference in Fairless Hills, Pennsylvania Congressman Patrick Murphy (D-8th District) was joined by Bucks County residents who thanked him for supporting well-timed property tax relief. Late last week, the U.S. House of Representatives passed a package of legislation that addressed the ongoing housing crisis. Included in the package are provisions to expand refinancing opportunities and spur home buying, provisions to make it easier for veterans to buy and keep a home and this much-needed property tax relief for homeowners. The property tax relief will help countless middle class families across the 8th district and could provide assistance to the 30 million homeowners in America who pay an increasing amount in property taxes. The House bill decreases the tax burden by allowing homeowners who take the standard deduction to deduct state and local property taxes up to $350 per individual and $700 for joint filers.

“I am proud to fight for families who need some relief – especially when the economy is in trouble,” said Congressman Patrick Murphy. “These are smart and commonsense measures and they will help middle class families. So many in our community are struggling right now and Democrats and Republicans need to come together to solve the problems we face.”

“This is a tax cut for families who work hard and play by the rules, but have been neglected for too many years. I am proud to stand up for those families,” added Murphy.

Much-Needed Help for the Economy
In addition to the Bipartisan Economic Stimulus Package, which is already putting hundreds of dollars into the bank accounts and mailboxes of people across America, Congressman Patrick Murphy also supported the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Neighborhood Stabilization Act of 2008. These bills include critically-timed property tax relief, expanded refinancing opportunities and spur home buying and help for veterans to buy and keep a home.

130 million American taxpayers are now starting to receive their Recovery Rebates from the first economic stimulus package passed by Democrats and Republicans in Congress and signed by the president.

Critically-timed property tax relief will help who take a standard deduction, and own a home. This tax break will provide $350 for an individual filer and $700 for joint filers.

The American Housing Rescue and Foreclosure Prevention Act is landmark legislation that will enable hundreds of thousands of homeowners (possibly up to one million) to refinance their homes. This bill will help by enabling homeowners to switch from risky subprime mortgages to safer loans backed by the Federal Housing Administration. This is not a bailout because lenders will have to take losses, and borrowers must agree to share with the government any profit from the resale of a refinanced home. This is a step in the right direction and a common-sense effort to begin to stabilize the housing market.

For Immediate Release, May 12, 2008
Contact: Adam Abrams, (202) 225-4276