07/01/2025
🚨Heads up, NJ residents and realtors! The 2026 state budget just dropped last night (June 30), and it immediately changed the game on the so-called “Mansion Tax.”
Here’s what you need to know—without the legalese:
🏡 Who pays?
Starting July 9, 2025, the seller, not the buyer, is on the hook for paying the Mansion Tax.
📈 How much?
The tax is now tiered based on your sales price:
• 1% for $1M–$2M
• 2% for $2M–$2.5M
• 2.5% for $2.5M–$3M
• 3% for $3M–$3.5M
• 3.5% for anything over $3.5M
📅 Important deadline alert:
If your deal is over $2M and you want to keep the tax at 1%, your deed needs to be recorded by July 9, 2025. Yes, next week. Clock is ticking.
💸 Already under contract?
If your contract was fully signed by July 9 and your deed is recorded before 11/15/25 you might qualify for a refund—but you’ll have to jump through a couple of hoops (read: apply within 1 year of recording).
🖋️ Bottom line:
If you’re in the middle of a high-dollar deal, don’t sleep on your recording timeline. Even one day’s delay could cost many thousands.
