BEST ANSWER
FIRST ANSWER
You wouldnt pay anything at closing for taxes on the sale.
If you are talking about property taxes it will depend on the total assessed value of the home not the sale price unless it is a new construction home and the town will be using the sale price x's the tax rate of Woodland Park (Previously West Paterson) wich is 4.257 to calculate that amount.
Depending Upon what part of the quater you purchase you may be responsible for a portion of the property taxes at the closing.
Just for your knowledge the seller will pay a home sales tax to the state of New Jersey called the property transfer tax and on a 500,000 purchase that would be $4,175
Tue May 5 2009, 06:05