03 Jul Major Changes to New Jersey’s Mansion Tax—What You Need to Know
As of July 1, 2025, Bill A5804 is now in effect, bringing significant changes to New Jersey’s Mansion Tax. 🔹 The seller will now be responsible for paying the Mansion Tax (instead of the buyer). 🔹 A new tiered rate system means a higher tax for higher-priced properties: • 1% for sales over $1M and up to $2M • 2% for $2M–$2.5M • 2.5% for $2.5M–$3M • 3% for $3M–$3.5M • 3.5% for anything above $3.5M This applies to property transfers or controlling interests recorded on or after July 10,...
