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New Jersey Mansion Tax Amended to Exempt Certain Types of Transfers of Real Property |
December 6, 2005
Previously published on January 28, 2005
On January 19, 2005, New Jersey Acting Governor Codey signed into law P.L. 2005, c.19, to exempt from the
applicability of the "Mansion Tax" set forth in N.J.S.A. 46:15-7.2 certain types of transfers, including transfers
of apartment buildings and vacant farmland, and transfers to organizations that are exempt from federal income
taxation pursuant to Section 501(c)(3) of the Internal Revenue Code. The act takes effect on February 1, 2005.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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