New Jersey Buyer's Mansion Tax
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.