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Old 11-14-2009, 03:48 PM
397 posts, read 1,063,035 times
Reputation: 171


Does anyone know how NJ "bills" folks on the real estate tax? We just closed on our house Thursday and are leaving the state. We were told we'd have to pay the tax, but so far haven't paid any portion of it. Any information is greatly appreciated.
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Old 11-14-2009, 03:57 PM
156 posts, read 294,066 times
Reputation: 49
If you are the seller you are no longer responsible for the taxes . you only pay up to the date of sale and that should have been taken care of by the lawyer at closing .I sold my house there and got a refund because they made a mistake on the date and I overpaid and the lawyer had to correct it .I was not living in NJ when my house sold I signed all papers before I left and there lawyer made the mistake .Don't worry if you do owe anything they will find you. But like I said it all should have been taken care of at closing.
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Old 11-14-2009, 05:41 PM
604 posts, read 1,618,264 times
Reputation: 202
If you mean taxes on the gain by selling real estate then you don't have to worry about that unless you made more than $250K(if single) in profit.
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Old 11-14-2009, 05:44 PM
Location: GA
2,679 posts, read 8,702,768 times
Reputation: 1024
There's a real estate transfer tax, but it should be paid at closing.
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Old 11-14-2009, 06:08 PM
Location: Cranford NJ
1,028 posts, read 3,213,470 times
Reputation: 372
I think you are talking about the exit tax.{There is the Seller's Residency Certification/Exemption (form GIT/REP3) for NJ resident taxpayers and contains eight exemption choices allowing for any taxes on the gain to be paid when filing NJ income taxes. Then there is the NonResident Seller's Tax Declaration (form GIT/REP1) for out-of-state residents who MUST pay a minimum 2% tax to NJ for the sale of any property. (Note that this 2% minimum is on the consideration listed on the deed - NOT 2% on the gain on the property. Now, up until earlier this year, many New Jerseyans selling their homes and moving permanently out of state were utilizing the GIT/REP3 (Resident) form, based on the assumption they would be filing New Jersey income taxes for that tax year and would pay the taxes (if any) on the sale of the property at that time. As of July 2007, they can no longer do so. The state Division of Taxation has "amended" their position that, in order to utilize the Resident form, the seller MUST be moving to a New Jersey address as of the date of deed transfer, or they must use the NonResident (GIT/REP1) form, thereby requiring them to pay the minimum 2% of the deed consideration directly to the state.} quote summerdaisy
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Old 11-14-2009, 10:31 PM
397 posts, read 1,063,035 times
Reputation: 171
Thanks Sergio M, but i am still a little confused. We sold our house to a relocation company (husband is being transferred out of state). We currently have no address, as we have not bought a house in our new place of residence. It doesn't appear anything was paid at our closing, so I am confused. We worked with an out-of-state relocation company too, and they don't know anything about the exit tax.
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Old 11-16-2009, 03:32 AM
741 posts, read 3,056,329 times
Reputation: 395
We moved out of NJ in Sept. 2007 and paid no Exit Tax, or any moving out of state tax.
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