News & Analysis as of

New Jersey Property Tax

Fox Rothschild LLP

Sticker Shock at Closing Tables for Dealership Sellers

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Selling an auto dealership in New Jersey just got more expensive — and more complicated. As of July 10, 2025, changes to New Jersey’s so-called “Mansion Tax” have shifted the burden of this transfer tax onto the seller. A...more

Saul Ewing LLP

Deadline Approaching: Murphy Signs Into Law Amendments to New Jersey’s “Mansion Tax” and Controlling Interest Transfer Tax

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On June 30, 2025, Governor Murphy signed into law significant changes to the New Jersey Mansion Tax and CITT. These amendments include increases in the fees specific to high-value properties and a shift in which party is...more

Troutman Pepper Locke

New Jersey Increases Mansion Tax Rates and Shifts Payment Obligation to Sellers

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On June 30, Governor Phil Murphy signed Bill A5804 into law, amending N.J.S.A. § 46:15-7.2-7.4; N.J.S.A. § 54:15C-1, and introducing significant changes to New Jersey’s realty transfer tax structure. These changes — effective...more

Cole Schotz

New Jersey’s Latest Budget Has Sweeping Changes to the Mansion Tax

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The latest budget passed by the New Jersey legislature and signed by term-limited Governor Phil Murphy quietly enacted changes to New Jersey’s Mansion Tax, which affects not only residential properties but commercial...more

Fox Rothschild LLP

Real Estate Sellers Face Increased Burden Under New Jersey’s Amended 'Mansion Tax'

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New Jersey has increased its so-called "mansion tax" and shifted the party who must pay the fee from the buyer to the seller. The tax has a substantial impact on owners of New Jersey real estate, but despite its expansive...more

Bressler, Amery & Ross, P.C.

New Jersey Modifies Mansion Tax on Sales of Real Property

The New Jersey state legislature has passed new legislation, as part of the State’s 2026 fiscal year budget, that directly and significantly impacts sellers and buyers of real property in New Jersey. Previously, a 1% fee...more

McCarter & English, LLP

Mansion and Controlling Interest Transfer Tax Amendments Signed Into Law: Buyers and Sellers Must Move Fast to Avoid Rate Increase

On Tuesday, July 1, Governor Phil Murphy signed into law Senate Bill S4666/Assembly Bill A5804 (collectively, the Bill), which impacts certain transfers of real property. The Bill amends the existing fees imposed on certain...more

McCarter & English, LLP

2025 New Jersey Primary Election Results

The 2025 New Jersey Primary Election saw strong voter turnout and marked the most expensive gubernatorial primary in the state’s history. This is the first year both major parties used a new statewide ballot design. The...more

McCarter & English, LLP

New Jersey Governor Phil Murphy’s FY2026 Budget Address: Key Highlights

In his final budget address, Governor Phil Murphy is proposing a $58.05 billion plan, with a strong emphasis on preserving funding for critical priorities while cutting spending on various programs. The address underscores...more

Cole Schotz

The 2025 Tax Appeal Review

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Continued pressures created by elevated levels of mortgage interest rates, vacancies, as well as stricter lending policies, point to higher capitalization rates, lower property values and tax appeal opportunities in 2025....more

Greenbaum, Rowe, Smith & Davis LLP

New Jersey Local Property Taxation Update: An Overview of Material Depreciation in Value Post-Valuation Date

What You Need to Know - •New Jersey property owners should be aware of the statutory framework, related deadlines, and application of those deadlines within the context of the valuation of property for local taxation...more

Greenbaum, Rowe, Smith & Davis LLP

Garden State C-PACE Program Update: EDA Issues Draft Assessment Documents and Municipal Opt-In Ordinance

What You Need to Know - •On August 14, 2023, the EDA posted the draft assessment agreement forms and model municipal opt-in form required for the program to become operational. •The newly released documents complement the...more

McCarter & English, LLP

FY2024 New Jersey Budget Review

After a tumultuous week of drafting and negotiations on State Street, Governor Phil Murphy has signed into law the Fiscal Year 2024 New Jersey Appropriations Act, formalizing the State’s budget for the upcoming fiscal year....more

Greenbaum, Rowe, Smith & Davis LLP

New Jersey Enacts Legislation Imposing Annual Community Service Contributions On Nonprofit Hospitals

On February 22, 2021, New Jersey Governor Phil Murphy signed into law new legislation (A1135/S357) that clarifies and preserves the statutory property tax-exemption historically afforded to nonprofit hospitals under N.J.S.A....more

Flaster Greenberg PC

New Jersey Real Estate Tax Appeal Deadline Approaching, April 1st for Many

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The deadline to file your commercial or residential real estate tax appeal in most municipalities in New Jersey is April 1st. This past year, many commercial property owners have experienced a decrease in revenue and some are...more

Greenbaum, Rowe, Smith & Davis LLP

Governor Murphy Signs Legislation Setting New Deadlines for Filing and Deciding Real Estate Tax Appeals

On May 28, 2020, New Jersey Governor Phil Murphy signed legislation that fixes July 1, 2020 as the deadline for filing 2020 real property tax appeals. The stated reason for adopting the law was to account for the inability to...more

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