New Jersey real estate attorney Christine Matus discusses mansion tax
New Jersey Real Estate Attorney Christine Matus launches a new blog (https://matuslaw.com/who-pays-the-mansion-tax-in-nj/) post talking about the tourist tax. The lawyer mentions that home values have increased dramatically these days, not only in New Jersey, but also across the country. Any property over $1 million may be subject to what is known as a “mansion tax.”
According to New Jersey Real Estate Attorney“When a property changes hands, a transfer fee is paid to the county where the property is located. The transfer fee is deducted from the seller’s proceeds at closing and paid to the country upon registration of the new deed at the buyer.
In the blog post, the attorney explains that in New Jersey, an additional fee of one percent of the sale price for homes worth $1 million or more. Tourist tax may also apply to certain commercial properties. As a rule, the seller pays the tourist tax at the conclusion of the transaction.
The real estate lawyer also mentioned that there are properties that are exempt from the tourist tax. These include vacant land, agricultural properties with no existing residence, agricultural properties eligible for farmland assessments, industrial properties, apartment buildings of five or more units, cemeteries, schools, churches and properties owned by charities.
Additionally, lawyer Christine Matus says: “Certain types of transfers may also be exempt from tourist tax. These may include bankruptcies, transfers between family members, transfers pursuant to the terms of a will, transfers pursuant to a divorce decree, deeds of rectification, or properties sold for less than $100. if there is no mortgage.
Additionally, attorney Christine Matus says that with today’s real estate market, million-dollar homes are more common than ever before. This is why it is important for someone selling their house to check if their property is subject to the tourist tax at closing.
Finally, New Jersey real estate attorney Christine Matus points out that it is very important to seek the help of an attorney when selling a property. Having a qualified real estate lawyer can help the client understand if the sale of their property will be subject to tourist tax and what they can do about it.
About Matus Lawyers Group
The Matus Law Group has a team of real estate attorneys committed to helping families and individuals with real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their real estate needs. Call the Matus Law Group today at (732) 785 4453.
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Matus Law Group – Monmouth County
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