selling your home in new jersey: Selling Your Home in New Jersey? Get Ready to Pay Exit Tax - 01/20/11 11:09 AM
Only in New Jersey?
Are you are thinking of selling your home in New Jersey and relocating to another state get ready to pay an Exit Tax. How closely monitored is this law is unknown, but it has been on the books since Governor McGreevey enacted when in office.The tax payment is determined by multiplying the gain on the sale by the top NJ tax rate of 8.97%. The payment cannot be less than 2% of gross proceeds from the sale.
In 2007 the state Division of Taxation "amended" their position that, in order to utilize the Resident form, the seller … (4 comments)