Selling Your Ocean County Home and the NJ Real Estate Transfer Tax

Selling your Jersey Shore Home in Ocean County, NJ.

When a home is sold in the state of New Jersey at closing the seller will be charged a tax based on the sales price of the home. The tax is paid from the seller's proceed's and is calculated based on a sliding scale. Information provided by NJ Division of Taxation. The table is as follows:

If Your home sells for less than $350,000 then the formula for calculating the tax is:

$4.00 for each $1000 of sales price up to the first $150,000.

$6.70 for each $1000 in excess of $150,000, but not in excess of $200,000.

$7.80 for each $1000 in excess of $200,000, but not in exces of $350,000.

If your home sells for more than $350,000 then the formula for calculating the tax is:

$5.80 for each $1000 of the sales price up to the first $150,000.

$8.50 for each $1000 in excess of $150,000, but not in excess of $200,000.

$9.60 for each $1000 in excess of $200,000, but not in excess of $550,000.

$10.60 for each $1000 in excess of $550,000, but not in excess of $850,000

$11.60 for each $1000 in excess of $850,000, but not in excess of $1,000,000

$12.10 for each $1000 in excess of $1,000,000.

If you are a senior citizen over 62 years of age, the formula for the tax is as follows:

If your Home sells for less than $350,000 the the formula for calculating the senior citizens tax is:

$1.00 for each $1000 not in excess of $150,000.

$2.50 for each $1000 in excess of $150,000, but not in excess of $350,000.

If your home sells for more than $350,000 then the formula for calculating the senior citizen tax is:

$2.80 for each $1000 not in excess of $150,000.

$4.30 for each $1000 in excess of $150,000, but not in excess of $550,000.

$5.30 for each $1000 in excess of $550,000, but not in excess of $850,000.

$6.30 for each $1000 in excess of $850,000, but not in excess of $1,000,000

In addition, the State of New Jersey charges the following:

If you a selling a home in New Jersey and are a non-resident of the state, in addition to the charges above, there is a 2% tax on the sales price to be added to the normal transfer tax. This is also paid by the seller at the time of closing.

If the property sells for more than $1,000,000 there is a "Millionaires tax" which is paid by the purchaser's (Buyer's) of the property in addition to the sellers costs as illustrated above. The tax is 1% of the total sales price if over $1,000,000.

The Realty Transfer Fee is imposed upon the recording of deeds evidencing transfers of title to real property in the State of New Jersey. The Fee is required to be paid upon the recording of deeds conveying title to real property in New Jersey. The Realty Transfer Fee is calculated based on the amount of consideration recited in the deed or, in certain instances, the assessed valuation of the property conveyed divided by the Director’s Ratio. Payment of the Fee is a prerequisite for recording the deed. The R.T.F. is usually collected at the real estate closing by the legal representatives or title insurance agents responsible for recording the deed at the county registry offices.

When you're looking for a partner to help you negotiate the complexities of selling a home on The Jersey Shore in Ocean County, you've come to the right place. The experience, dedication and strong communication you'll receive from Karl Hess  will help ensure the successful and profitable sale of your home:

1. The Local Advantage - I was born and raised on The Jersey Shore, so you can take advantage of a broad spectrum of technologies and tools to support the sale of your home from start to close from a "local."

2. Internet Advertising - Since the lion's share of home buyers starts their search on the internet, top placement on search engines is essential. You'll gain access to placement on Google, MSNBC, and other websites. This will maximize your exposure and bring a large number of potential buyers to view information about your home.

3. Email Campaigns - It's important to "work the network." We can work together to identify the right people to target your home-and get in touch with them by email to drive excitement and interest.

4. Personal Touch - Of course, technology alone won't sell your home. Face-to-face interaction provides the advantage to sell your home-and you won't have to worry about a thing. The details will be handled with care and constant communication, to ensure the marketing and sale of your home go smoothly.

5. Home Listing Syndication - Your home can be advertised on websites all across the web, making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear: