Today TaxMama hears from Harvey in New Jersey who tells us. “I am a Senior Citizen & semi-retired. Thinking of leaving the state of NJ. I heard there is a state exit tax. Is this correct?”
Dear Harvey,
Whew, federal & California taxes are big enough areas for me to keep up with, without learning the tax laws of all 50 states and the various territories.
However, doing a quick search on Google, I found this discussion at Snopes.com –
https://message.snopes.com/showthread.php?t=16010
It’s not an exit tax you’re looking at. What you have is the Realty Transfer Tax, a tax on the sale of any real estate in New Jersey. It applies to all property owners, whether you’re staying or leaving. You can see the rates here:
https://www.state.nj.us/treasury/taxation/realty_over.shtml
There are reduced rates for seniors…so you should get a break on the rates. But you may as well count on giving up several thousand dollars.
And remember, you can find answers to all kinds of questions about odd taxes and other tax issues, free. Where? Where else? At TaxMama.com
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- Snopes.com :: Discussion about the NJ Exit tax
- New Jersey Department of the Treasury :: Explanation of the Realty Transfer Tax
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