Home Selling in 08226>Question Details

ruthmarie2, Home Seller in Ocean City, NJ

How much is the NJ real estate Transfer for senior citizens on a sale of $325,000? Thanks.

Asked by ruthmarie2, Ocean City, NJ Mon Jul 30, 2012

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The realty Transfer Tax is calculated on the deed consideration as follows:
FIrst Layer:
$4.00 per thousand up to $150,000
$6.70 per thousand over $150,000 but less than $200,000
$7.80 per thousand over $200,000

Senior Citizens (age 62 or older) who are selling their primary residence are entitled to a partial exemption. It is calculated on the deed consideration as follows:
$1.00 per thousand up to $150,000
$2.50 per thousand over $150,000

Non-resident sellers (those not using "New Jersey" as their primary residence state) are required to pay an "estimated gross income tax" to the state at the time of sale. It is calculated as follows:
2% of the sales price.
0 votes Thank Flag Link Fri Aug 3, 2012
Ruthmarie,
There is a 2% tranfer tax if you are out of state and the property is your 2nd home. If it is your primary home, there is no tranfer tax.
Ken Fowser
RE/MAX at the Shore
609-412-8258
http://www.kenfowser.com
0 votes Thank Flag Link Thu Aug 2, 2012
$650.00 about.... Hope my answer was helpful wish you the best!
0 votes Thank Flag Link Tue Jul 31, 2012
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