HOW DOES THE LUXURY TAX WORK? I AM THE BUYER; HOW MUCH TAX WILLL I PAY ON 1,060,000. CLOSING IN MAY08

Asked by Terrie Lindner, Holmdel, NJ Tue Mar 25, 2008

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Ellen Keak, Agent, Holmdel, NJ
Thu Jul 9, 2009
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.
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Diane Glander, Agent, Spring Lake, NJ
Tue Apr 15, 2008
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
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John Sacktig, Agent, New Jersey, NJ
Tue Mar 25, 2008
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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