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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Oct. 27, 2025
For many years, New Jersey’s “mansion tax” has been something of a misnomer. The term refers to the 1 percent surcharge that was applied to buyers who purchased a home costing at least $1 million. Of course, across North Jersey and in several other parts of the state, many homes that sell for seven figures are far from mansions.
Now, the state has made substantial changes to the surcharge, shifting the payment responsibility to the seller and scaling the surcharge rate up to 3.5 percent in certain high-value transactions. With thousands of home sales in New Jersey each year exceeding $1 million, this revision will have a significant effect on the state’s residential property market.
Under the law, the Graduated Percent Fee will be applied to sellers upon closing based on the following structure:
For sales greater than $1 million and up to $2 million, 1 percent of the total price
For sales greater than $2 million and up to $2.5 million, 2 percent of the total price
For sales greater than $2.5 million and up to $3 million, 2.5 percent of the total price
For sales greater than $3 million and up to $3.5 million, 3 percent of the total price
For sales greater than $3.5 million, 3.5 percent of the total price
Prospective sellers who believe their homes will fetch at least $1 million need to be aware of how the tax will reduce their proceeds. In some cases, they might make a strategic decision to agree on a price just below one of the step-up thresholds. By barely exceeding one of the levels, a homeowner might net less than they would selling at a lower price.
In high-cost counties where real estate listings routinely approach or exceed $1 million, the change may influence how properties are priced, how quickly they move, and how buyers and sellers share closing costs in competitive situations.
The Law Offices of James C. Zimmermann handles residential real estate transactions for buyers and sellers across North Jersey. You can rely on us for knowledgeable advice on the mansion tax and how it affects your situation. For a free initial consultation, please call 973-764-1633 or contact us online. We have locations in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
