Big News for Big Closings: NJ’s Mansion Tax Just Got a Makeover
Big News for Big Closings: NJ’s Mansion Tax Just Got a Makeover Governor Phil Murphy just gave New Jersey’s real estate transfer fee a bit of a facelift—and if you're buying or selling high-end property, you might want to pay attention (and maybe pour yourself a drink). The so-called “mansion tax” is getting steeper under the state’s shiny new budget. Here's the breakdown: 🏡 Sales under $2 million? Still taxed at 1%. No change there. 💸 Sales between $2 million and $2.5 million? Welcome to the 2% club. 💰 $2.5 million to $3 million? Say hello to 2.5%. 🏰 Over $3 million? You’re looking at a 3% transfer fee. But wait—there’s more! The biggest twist? The tax is now the seller’s responsibility, not the buyer’s. This change kicks in for deals closing after November 15, so mark your calendars (and maybe your spreadsheets too). The Basics: What Even Is the Mansion Tax? Since 2004, New Jersey has slapped a 1% tax on homes and certain commercial properties selling for over $1 million...