Short Hills, Millburn, Livingston, New Jersey and Midtown Direct Real Estate, Home Buying and Selling, Top Realtor, Perri K. Feldman

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New Jersey Buyer’s Mansion Tax

Published on November 21st, 2007 by | Filed Under: Buying a Home in NJ, NJ First Time Home Buyers, NJ Real Estate Laws

Congratulations!!! IStock_000003581136XSmall house w dollar signs

You just placed a bid on a home in NJ over $1,000,000, and the seller agreed to your price!!! 

Did you know that you will owe the State of New Jersey 1% of the total purchase price for any property purchased with a sales price of $1,000,000 or higher? 

Welcome to the NJ Buyer’s Mansion Tax. The fee is paid to the County Clerk where the property is located. Both residential and commercial properties are impacted by this fee. (There are limited exclusions that you should check with your NJ Real Estate Lawyer about.)

The fee is collected at closing as a part of the Buyer’s closing costs and will be paid from the Buyer’s attorney trust account. The County Clerk will not accept a personal check from a Buyer for any amount in excess of $10,000. Your lawyer should properly reflect the Mansion Tax on the HUD.

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NJ Tax Laws

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Perri K. Feldman

"Perri was very reactive AND proactive. Clearly, she has an excellent grasp of the towns and counties she covers and went the extra mile to educate us on an area we were not entirely familiar with." Steve & Laura Lee

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Perri K. Feldman

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