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. 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.