Category: New Jersey Real Estate
Property Tax Exemptions in New Jersey for Nonprofits, Religious Institutions, and Schools
New Jersey law provides real estate tax exemptions to certain nonprofit organizations, including religious institutions, educational entities, and other charitable organizations (each referred to here as an “Eligible Entity”). To obtain such an exemption, an Eligible Entity must complete and submit an Initial Statement Claiming Property Tax Exemption (the “Application”)…
New Jersey Increases “Mansion Tax” and Controlling Interest Transfer Tax
On June 30, 2025, New Jersey’s Governor Phil Murphy signed the “Fiscal Year 2026 Appropriations Act” into law, setting forth a budget for New Jersey’s Fiscal Year 2026 totaling a record $58.78 billion. Accompanying the 2026 budget, amendments were made to the existing New Jersey Realty Transfer Fee (RTF) and…
New Jersey Lawmakers Tweak Property Tax Relief Programs
New Jersey Property Tax Programs Tweaked by Lawmakers Background: New Jersey Senate Bill 3693/Assembly Bill 4706 (the “Bill”) was signed into legislation by Gov. Phil Murphy on November 1, 2024.[1] The Bill focuses on implementing the new Stay NJ property tax relief program and impacts several other state property tax…
NJ Real Property Tax Assessment Appeals
Many New Jersey property owners believe their property tax assessments cannot be challenged. They can be. Property assessments hinge on the tax assessor’s calculation of the market value of a property, and often such calculations may not be accurate or reflective of current market value. Tax assessors are in control…
New Jersey Property Tax Assessment Appeals
Many New Jersey property owners believe their property tax assessments are uncompromising. The truth is property assessments are not. Property assessments hinge on the tax assessor’s calculation of the market value of a property, and often such calculations may not be accurate or reflective of current market value. Tax assessors…
October is the Right Time to Consider Property Assessment Appeals
October 1 is the time of year the fair value of property is assessed for the following year, providing essentially the “snapshot” of fair value for the 2018 property assessment. Additionally, municipal budgets for the next tax year are typically set in December, making this time of year particularly opportune…
1% Realty Transfer Fee – Mixed Class Properties
In The Ridgewood Commons Group, LLC, v. Director, Division of Taxation, (Docket No. 010859-2007) (NJ Tax Court, 2009), the New Jersey Tax Court held that where a grantee elects to combine the consideration paid totaling in excess of $1,000,000 for more than one property in a single deed without separately stating…