N.J. just raised the ‘mansion tax’ on high-value property sales. Here’s what to know.

N.J. just raised the ‘mansion tax’ on high-value property sales. Here’s what to know.

Sellers will have to pay tens of thousands of dollars in higher fees on residential and commercial property sales exceeding $2 million under a New Jersey law enacted by Gov. Phil Murphy.

New Jersey‘s Latest Tax Heist: Progressive Property Tax Rates

Speaking of moving out, here’s the latest brilliant idea from Governor Phil Murphy: raise the tax rate on the most expensive homes just in case there are still any rich people that need to be chased out of the state. Under Murphy’s Law, which takes effect this month, the extra fee for selling a $1 million house is now 1%, going up in stages to 3.5% for houses costing $3.5 million. These are some of the highest property transfer tax rates in Amer…

NJ Housing Advocates Call for Mansion Tax Revenue to Fund Affordable Homes

MORRIS COUNTY – As New Jersey continues to grapple with a severe affordable housing shortage, leading housing and community development organizations are calling on the Legislature and the Governor to ensure new state revenue is used to address this urgent crisis. The Housing and Community Development Network of New Jersey, Fair Share Housing Center, Monarch […] The post NJ Housing Advocates Call for Mansion Tax Revenue to Fund Affordable Homes …