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?”
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 –
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:
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.
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- Snopes.com :: Discussion about the NJ Exit tax
- New Jersey Department of the Treasury :: Explanation of the Realty Transfer Tax