NJ realtor says her client has to pay a $185K transfer tax on a home they’re selling for $4 million


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Duration: 0:54 Views: 2.3K Submitted: 18 hours ago Submitted by:
In simple terms, that $185K is the government’s “cut” for updating the public record to show who owns the property.

If her client were moving out of state, they would also pay what’s often called the New Jersey Exit Tax. The state withholds 2% to make sure you don’t leave without paying any taxes due on the sale.

New Jersey’s so-called “mansion tax” has also changed: the original 1% flat tax on homes over $1M has been replaced by a tiered system, paid by the seller, increasing by 0.5% for every additional $500K.

As one observer rightly noted, that money could have remained in the hands of individuals, as a salary, a raise, or startup capital, to fuel real economic growth, create jobs, and build wealth from the bottom up. Instead, it’s seized through taxation and funneled through politicians and bureaucrats, who allocate it to social programs and pet projects with little accountability. History shows these initiatives are riddled with undetected waste, fraud, and inefficiency, often delivering minimal benefits to those they’re supposed to help while expanding government control.
Categories: Debate & Discussion
Tags: tax property
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:) 8-) ;( :D :( :O :P ;) :heart: :ermm: :angel: :angry: :alien: :blink: :blush: :cheerful: :devil: :dizzy: :getlost: :happy: :kissing: :ninja: :pinch: :pouty: :sick: :sideways: :silly: :sleeping: :unsure: :woot: :wassat:
1 +1 GulliblestartswithN 9 hours ago

I work for a forbes 500 insurance company. A customer told me- When i tried to confirm tickets on record- that "theres a price for everything, i pay more in Insurance cuz i like to speed. I dont care what they do. cant stop me"

(60 something year old vet widow. Dang woman. U go.)
The rich will pay whatever it takes to look rich/ be as far away from nlggers and degenerates like us lol :D

2 +1 kansaiking 12 hours ago

YA.....PEANUTS......TRY 53% in canada

1 +1 deadtedw 15 hours ago

Oh my god, those rich people are always getting screwed. Just so sad.

1 +1 ScreaminMime 17 hours ago

I'd break out a fiddle for them but it's not golden :ermm:

4 +1 RoyHinkley 17 hours ago

Was a lifelong Jersey resident. Moved out at the age of 58 one month after my retirement papers cleared.
I can't believe We The People continue to tolerate this constant bullshit. It is long past time for a total reset.

4 +1 Bellybutton 17 hours ago

Don’t forget the 10% realtor fees.