New Jersey has a special tax called the mansion tax! It's only for homes and some businesses sold for over $1,000,000. It's like an extra fee you pay when you buy a super-expensive place.
- The tax is 1% of the sale price.
- Usually, the buyer pays it.
- Some sellers might help pay, but don't count on it!
- Not all expensive places have to pay it. Churches, schools, and some farms are exempt.
| Fact | Detail |
|---|---|
| Tax Amount | 1% of the sale price (if over $1,000,000) |
| Who Pays? | Usually the buyer, but sometimes negotiated with the seller. |
| Exemptions | Churches, schools, farms without houses, etc. |
