New Jersey Real Estate Attorney Christine Matus Discusses Mansion Tax
New Jersey real estate attorney Christine Matus releases a new blog (https://matuslaw.com/who-pays-the-mansion-tax-in-nj/) post talking about mansion tax. The lawyer mentions that home values have significantly increased these days, not only in New Jersey but also across the country. Any property that is over $1 million may be subject to what is called a “mansion tax”.
According to the New Jersey real estate attorney, “When a property changes hands, a transfer fee is paid to the county where the property is located. The transfer fees are deducted from the seller’s proceeds at closing and paid to the country when the new deed to the buyer is recorded.”
In the blog post, the lawyer explains that in New Jersey, an additional fee of one percent of the sale price for homes with values of $1 million or more. The mansion tax can also apply to certain commercial properties. Typically, the seller pays the mansion tax upon closing the deal.
The real estate attorney also mentioned that there are properties that are exempted from the mansion tax. These include vacant land, farm property with no existing residence, farm property that qualifies for farmland assessments, industrial properties, apartment buildings with five or more units, cemeteries, schools, churches, and properties owned by charitable organizations.
Additionally, attorney Christine Matus says, “Certain types of transfers can also be exempted from the mansion tax. These can include bankruptcies, transfers between family members, transfers in accordance with the terms of a will, transfers in accordance with a divorce decree, correction deeds, or properties sold for a consideration less than $100 if no mortgage exists.”
Furthermore, attorney Christine Matus says that with the real estate market today, $1 million dollar homes are more common than before. That is why it is important for someone who is selling their home to check if their property is subject to mansion tax at closing.
Lastly, New Jersey real estate attorney Christine Matus emphasizes that it’s very important to seek the help of an attorney when selling a property. Having a skilled real estate attorney can help the client understand whether the sale of their property will be subject to the mansion tax and what they can do about it.
About The Matus Law Group
The Matus Law Group has a team of real estate attorneys is committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their real estate needs. Call The Matus Law Group today at (732) 785 4453.
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