Mansion tax (Graduated Percent Fee)
New Jersey's extra fee on certain sales over $1 million, now called the Graduated Percent Fee. For deeds submitted for recording on or after July 10, 2025, the seller pays it, at 1% to 3.5% of the full price. Before that, buyers paid a flat 1%.
New Jersey example
Rates by total price: over $1M up to $2M, 1%; up to $2.5M, 2%; up to $3M, 2.5%; up to $3.5M, 3%; over $3.5M, 3.5%. The rate applies to the whole price, not just the part over $1M. The state's own example: a $2.75 million sale owes 2.5% of $2.75 million, or $68,750, on top of the seller's other transfer fees.
Official source
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.