New Jersey‘s Latest Tax Heist: Progressive Property Tax Rates

Speaking of moving out, here’s the latest brilliant idea from Governor Phil Murphy: raise the tax rate on the most expensive homes just in case there are still any rich people that need to be chased out of the state.

Under Murphy’s Law, which takes effect this month, the extra fee for selling a $1 million house is now 1%, going up in stages to 3.5% for houses costing $3.5 million. These are some of the highest property transfer tax rates in America.

The tax is supposed to tax the rich, but nearly everyone gets battered.

“For a million dollars, you’re certainly not getting a mansion anymore,” Assemblywoman Nancy Munoz says. Statewide, the average sale price for a single-family home in New Jersey is over $700,000. A decade ago, that average was $309,000.

SUBSCRIBE TO THE
Unleash Prosperity Hotline

 

1155 15th St NW, Ste 525
Washington, DC 20005