NJ Realty Transfer Fee (RTF) & Mansion Tax Calculator
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Property Type: NJ Realty Transfer Fee (RTF) & Mansion Tax are not applicable to the following property types: apartment building (5+ units), industrial, farm without residential building, and vacant land.
Partial Tax Exemption: Senior citizens, blind or disabled persons must also meet all of the following criteria to qualify for a partial exemption: a) owned and occupied by grantor(s) at the time of sale, b) resident of the State of New Jersey, c) one or two-family residential premises, and d) owners as joint tenants must all qualify. In case of husband and wife, partners in a civil union couple, only one grantor need qualify if tenants by the entirety.
FAQ
Are there any exemptions to the NJ Realty Transfer Fee (RTF)?
Qualifying senior citizens aged 62 or older, blind persons, disabled persons and property that is low- and moderate-income housing receive a partial exemption from the NJ Realty Transfer Fee (RTF).
Senior citizens, blind persons, or disabled persons must meet all of the following criteria to receive a partial exemption from the NJ RTF: (a) The property must be owned and occupied by the grantor(s) at the time of sale, (b) the grantor(s) must be a resident of the State of New Jersey, (c) the property must be a one- or two-family residential premise, and (d) owners as joint tenants must all qualify.
For low and moderate income housing, all of the following criteria must be met to qualify for a partial exemption from the New Jersey Realty Transfer Fee: (a) The housing must be affordable according to H.U.D standards, (b) it must be reserved for occupancy, (c) it must meet the income requirements of the region, and (d) it must be subject to resale controls.
The NJ Realty Transfer Fee (RTF) doesn’t apply to vacant land, industrial properties, apartment buildings with five or more units, or farm property without a residential building. Certain types of transfers are also exempt from the NJ RTF. These include transfers related to bankruptcy proceedings, transfers between family members, transfers pursuant to a will, transfers as part of a divorce settlement, and correction deeds.
What properties aren’t subject to the NJ Mansion Tax?
The New Jersey Mansion Tax doesn’t apply to vacant land, industrial properties, apartment buildings with five or more units, or farm property without a residential building. Certain types of transfers are also exempt from the New Jersey Mansion Tax altogether. These include transfers related to bankruptcy proceedings, transfers between family members, transfers pursuant to a will, transfers as part of a divorce settlement, and correction deeds.
Is it possible to reduce my seller closing costs in NJ?
Yes. You can save up to 6% when selling through Hauseit’s Assisted FSBO Listing Service, or consider 1% Full Service for a traditional yet lower cost sale experience.
How much money can I save with a Hauseit® Assisted FSBO Listing?
Save all 6% in broker commission if you find a direct buyer, meaning you’ll owe nothing at closing. If you decide to sell to a buyer represented by an agent, only pay the commission you chose to offer in the MLS which is typically no more than 3%. Learn more here.
Can I save money when buying real estate in NJ?
Yes. You can reduce your buyer closing costs and save up to 2% on your purchase by requesting a buyer agent commission rebate through Hauseit. Rebates are a legal and non-taxable way to reduce your buyer closing costs while receiving traditional, full-service representation from a seasoned buyer’s agent throughout the purchase process.