Who Pays Transfer Tax and How Much Does it Cost?

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Typically, a Seller will pay transfer tax for a real estate sale in New Jersey.

If your purchase price is $350,000 or less, your tax is calculated as follows:

  1. $2.00/$500 of consideration not in excess of $150,000;

  2. $3.35/$500 of consideration in excess of $150,000 but not in excess of $200,000;

  3. $3.90/$500 of consideration in excess of $200,000 but not in excess of $350,000.

If your purchase price is over $350,000, your tax is calculated as follows:

  1. $2.90/$500 of consideration not in excess of $150,000;

  2. $4.25/$500 of consideration in excess of $150,000 but not in excess of $200,000;

  3. $4.80/$500 of consideration in excess of $200,000 but not in excess of $550,000;

  4. $5.30/$500 of consideration in excess of $550,000 but not in excess of $850,000;

  5. $5.80/$500 of consideration in excess of $850,000 but not in excess of $1,000,000;

  6. $6.05/$500 of consideration in excess of $1,000,000.

There is an additional “Mansion Tax” payable by the Buyer if the purchase price exceeds $1,000,000 in the amount of 1%.