NJFBOA - Home of New Jersey's Camaros and Firebirds - View Single Post

firehawk1120 · 07-21-2006, 09:16 PM

Bill,

I spoke to my attorney and as far as he knows there is no such law. There is a real estate transfer fee but that is based on the sale price of the home a 350,000 home for example pays approx 5,600 in taxes. If someone lives in PA and owns a home in NJ the state holds a % of the sale until they report the sale and get taxed on it but no where near 12% more like 2 maybe. The only other fee would be a Millionaire tax for homes over 1,000,000.

i don't know who told you about this out of state tax BS, but it's just not true.

07-21-2006, 09:16 PM	#18
firehawk1120 Join Date: May 2006 Posts: 1,357 iTrader: (1)	Bill, I spoke to my attorney and as far as he knows there is no such law. There is a real estate transfer fee but that is based on the sale price of the home a 350,000 home for example pays approx 5,600 in taxes. If someone lives in PA and owns a home in NJ the state holds a % of the sale until they report the sale and get taxed on it but no where near 12% more like 2 maybe. The only other fee would be a Millionaire tax for homes over 1,000,000. i don't know who told you about this out of state tax BS, but it's just not true.