Big Changes Ahead: What You Need to Know About New Jersey’s Updated Mansion Tax
As of July 10, 2025, New Jersey will implement major changes to the ‘Mansion Tax’, formally known as the Supplemental Fee to the Realty Transfer Fee. This fee, which was previously shared or negotiated between buyer and seller, will now be the sole responsibility of the seller.
This change could significantly impact sellers of high-value properties across the state, especially in areas like Monmouth and Ocean Counties where luxury real estate is in demand.
Here’s the new ‘Mansion Tax’ fee structure:
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1% for sales prices from $1,000,000 to $2,000,000
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2% for sales prices from $2,000,000.01 to $2,500,000
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2.5% for sales prices from $2,500,000.01 to $3,000,000
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3% for sales prices from $3,000,000.01 to $3,500,000
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3.5% for sales prices exceeding $3,500,000.01
Whether you’re considering listing your home or just want to understand how this might affect your future real estate plans, now is a great time to take a closer look.
We’re here to help you navigate these changes. If you have any questions, don’t hesitate to reach out to the Nicole Rabbat Levine Group at Heritage House Sotheby’s International Realty. We’re committed to keeping you informed every step of the way—and as always, we’ll continue to provide updates as more details emerge.
📞 Call us today to discuss how this may impact your home sale strategy.
