March 2023 - NJ Mansion Tax - Advice for Buyers
What should Buyers know about NJ Mansion Tax?
What is the NJ Mansion Tax?
NJ Imposes a fee of 1% on the purchase of all homes over $1,000,000.
Is the fee 1% on the total cost of the home or 1% on the overage?
Who pays this fee?
When is the fee due?
Can the tax be avoided?
If the home sells for $999,999. or less, then the tax can be avoided. Any sales price over $1million is subject to the tax.
Are there any exemptions for single family home properties?
There are exemptions for vacant, commercial, industrial, and multi-unit properties, but for single family homes, in general only those with land that meets the farm assesment requirements are exempted. Properties that are being transferred can also sometimes be exempt with certain restrictions.
Etc.
Let's discuss!
If you’re thinking of selling your home, buying one, or referring anyone anywhere in the world, don’t hesitate to call me on my cell at 908.938.2525.
NJ Imposes a fee of 1% on the purchase of all homes over $1,000,000.
Is the fee 1% on the total cost of the home or 1% on the overage?
Who pays this fee?
When is the fee due?
Can the tax be avoided?
If the home sells for $999,999. or less, then the tax can be avoided. Any sales price over $1million is subject to the tax.
Are there any exemptions for single family home properties?
There are exemptions for vacant, commercial, industrial, and multi-unit properties, but for single family homes, in general only those with land that meets the farm assesment requirements are exempted. Properties that are being transferred can also sometimes be exempt with certain restrictions.
Etc.
Let's discuss!
If you’re thinking of selling your home, buying one, or referring anyone anywhere in the world, don’t hesitate to call me on my cell at 908.938.2525.
