HOW DOES THE LUXURY TAX WORK? I AM THE BUYER; HOW MUCH TAX WILLL I PAY ON 1,060,000. CLOSING IN MAY08
Answers (3)
You would pay $10,600. The NJ Mansion tax is 1% of the sales price of a home $1,000,000. and above. There are some specific exemptions for farms & commercial properties. I would advise consulting with your attorney.
It sounds as if you have a done deal, but if you are still negotiating, get your price under $1 million and you won't pay the tax.
Web Reference: http://www.dianeglander.com
FIRST ANSWER
In my area the luxury / Mansion tax is 1% of the sale price. If you are in the same boat.. then you will pay $10,600.00 -
Email me for other options.
JSsacktig@orangekeyrealty.com
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