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Legislative Repeal

National Interest
NJ Mansion Tax: Lawmakers Just Quietly Passed A New Bill That Makes Selling Way More Expensive NJ Mansion Tax: Lawmakers Just Quietly Passed A New Bill That Makes Selling Way More Expensive
NJ Mansion Tax: Lawmakers Just Quietly Passed A New Bill That Makes Selling Way More Expensive New Jersey’s luxury real estate market was thrown into turmoil after lawmakers passed a sweeping mansion tax bill on Monday, June 30, shifting the state’s high-end realty transfer fee from buyers to sellers and adding steep new tiers up to 3.5%. Under the new law, Assembly Bill 5804, sellers of homes over $1 million will absorb what had historically been a 1% buyer-paid fee, with significant increases for higher-value properties. The rates for sellers rises to: 2% over $2 million 2.5% over $2.5 million 3% over $3 million 3.5% over $3.5 million That means a seller of a $4 million home will …

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by Cecilia Levine