New Jersey Real Estate Transfer Tax
One thing that I explain to my clients who are selling their New Jersey Home is that the State of New Jersey imposes a Real Estate transfer tax. This is a tax imposed on Sellers by the State of New Jersey pursuant to N.J.S.A. 46:15-5 et seq. This tax was first enacted in 1968. A reduced Realty Transfer Fee is available to senior citizens, blind persons, and disabled persons on the sale of one-or two-family residences which they own and occupy, and on the sale of low and moderate income housing.
The calculation is a little complicated, so I have compiled the table below. This law has been amended several times and I am not a lawyer. Therefore please note that the actual amount due will be calculated by the title clerk. The table below is to be used for illustrative purposes only.
| Sales Price | Non Exempt and New Construction | Senior Citizen/Blind Disabled/Low Income | |
| $50,000 | $200 | $50 | |
| $100,000 | $400 | $100 | |
| $150,000 | $600 | $150 | |
| $200,000 | $935 | $275 | |
| $250,000 | $1,325 | $400 | |
| $300,000 | $1,715 | $525 | |
| $350,000 | $2,105 | $650 | |
| $400,000 | $3,215 | $1,495 | |
| $450,000 | $3,695 | $1,710 | |
| $500,000 | $4,175 | $1,925 | |
| $550,000 | $4,655 | $2,140 | |
| $600,000 | $5,185 | $2,405 | |
| $650,000 | $5,715 | $2,670 | |
| $700,000 | $6,245 | $2,935 | |
| $750000 | $6,775 | $3,200 | |
| $800,000 | $7,305 | $3,465 | |
| $850,000 | $7,835 | $3,730 | |
| $900,000 | $8,415 | $4,045 | |
| $950,000 | $8,995 | $4,360 | |
| $1,000,000 | $9,575 | $4,675 |
If you have any other real estate related questions, feel free to text, email or call me. I am a Realtor & Real Estate Consultant that specializes in Burlington Township, NJ.
Have a great day
Make THIS year YOUR Best Year Ever
Leander McClain, Burlington Township Realtor & Real Estate Consultant, EXIT Buyers Plus Realty, 15 E. Broad Street, Burlington, NJ 08016 609-505-6578(cell)
Morning Leander,
This is an interesting assement. What, if anything, do the proceeds support?
Here in our community there is a $1,200 transfer fee imposed by the Community Association. The buyer is assessed not the seller. This revenue is used to maintain and expand the various facilities owned and enjoyed by the residents.
Leander this chart can be a quick resource for those who don't want to do the math.
Hi Leander, this is a terrific chart with important information provided. Hope you don't mind if I re-blog. - Jim