Find All the Information You Need In Our New Jersey Title Services Library.

Ben Franklin once famously said that "In this world nothing can be said to be certain, except death and taxes." Yet when it comes to taxes on real property – especially for first-time homebuyers – I'e found that much uncertainty and confusion exists.

Homebuyers should expect to pay two main types of taxes on their homes:

transfer taxes are non-recurring and paid once at settlement

and

real property taxes which are recurring and paid semi-annually

Transfer Taxes

IN New Jersey, this is called the Realty Transfer Fee (RTF). Transfer taxes are often the single largest expense a homebuyer will pay at settlement. Transfer taxes are also known as recordation taxes, stamp taxes or grantee taxes. They are all lumped together on the HUD-1 settlement statement and collectively identified, as "Transfer Tax."

Transfer taxes vary depending on where the property is located. In New Jersey, they can be enacted at the state, county, and even municipal level. So, yes, they can vary from town to town.

Property Taxes

In New Jersey, property taxes are a continuous lien on the real estate. Property taxes are due in four installments during the year: February 1, May 1, August 1. They are calculated according to the same standard of value, save for qualified agricultural land. The standard measure of property value is "true value" or market value. In short this is what a willing, knowledgeable buyer would pay a willing, knowledgeable seller on the open market. The farmland is based upon its productive capabilities when it is devoted to agricultural or horticultural uses.

In New Jersey, it's wise to find out what the property taxes are, and whether an revaluation is in progress and/or planned. Are the taxes higher or lower on nearby properities? Know ahead of time, you don't want to be surprised at a later date.

 


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Mega Title, LLC

721 Route 34, Suite 3
Matawan, NJ 07747
Phone: 732-242-9835
Toll Free: 877-550-MEGA
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