Transcription of New Jersey Tax Guide - State
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New Jersey Tax Guide - State
New Jersey Tax Guide Buying or Selling a Home in New Jersey 2 Buying a Home in New Jersey Buying or selling a home can be a big decision, and we want to prepare you with the tax information you may need to know. This Guide will help residents and nonresidents of New Jersey understand what taxes or fees you may be responsible for, how and when to pay, and what Taxation forms are needed to finalize the sale. Tax Responsibilities Sales Tax: Sales Tax is not due on home sales. Realty Transfer Fee: Sellers pay a 1% Realty Transfer Fee on all home sales. The buyer is not responsible for this fee. However, buyers may pay an additional 1% fee on all home sales of $1 million or more. You can find more information on the Realty Transfer Fee, including rates and exemptions, here.
The State of New Jersey imposes a Realty Transfer Fee (RTF) on the seller whenever there is a transfer of title by deed. The fee is based on the sales price of the property, and the seller is required to pay the fee at the time of closing. (No RTF is …
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