You say it like it's a bad thing. Next, people will complain when you can't check out groceries by yourself, but I think it was better when the clerk did it. I don't enjoy working at the gas station or the grocery store.
New Jersey Exit Tax???
- Thread starter GON
- Start date
- Status
Exactly. Most people in NJ do not want to be forced to pump our own gas.
NJ is a nice place to visit in the summer, but I wouldn't want to live or buy gas there. Yes I make it a point to buy gas right before entering NJ and can easily make it to Atlantic City and back without needing any more gas.
Can you avoid the exit tax by establishing residency on another state first before selling the house?
I have no personal experience, but I doubt it. And as a resident of another state, you'll likely lose any 'homestead' exemption you have since they would consider you as no longer occupying the house.
Again, pure conjecture on my part, but I'm sure the state has thought this one through since them getting money is at stake.
Yeah but this is BITOG. I could see people here sweating bullets about letting someone else touch the filler door. Might get a thumbprint, let alone maybe a scratch.
I remember back with I had my TDi people complained about this. NJ law does allow people pump their own diesel, but not all stations knew that. Common thing was to fill the tank to the brim--literally to the top--for max range. Easier to do than to explain to a pump attendant.
Ironically on my gassers I have no desire to top my tank to the next dollar, letting it click off 3 times or whatever. I don't carry cash and I don't like letting go of my credit card (maybe they carry credit card scanners now?).
The tolls here are what get me.... The Powhite Expressway in Richmond was built with the agreement that the toll booths would stay up as long as the road was financed. Well when they got close to paying it off, did they start ripping down the toll booths? Nope, just refinanced for another 30 or 50 years....the local politicians were baffled, how could they have allowed that language in the original contract? Years later we all slug along and pay our 2 bucks anytime we need to get somewhere.
Pay to leave NJ? money well spent
Not by the people who were born here, by the imports who move here because their political policies destroyed their home state, then they bring their voting habits with them and try to institute the same policies that made them flee the state they came from.
and the younger generation
Well our Guv thinks he is God. Mask mandate again. If a store says I have to wear one, then I'll go somewhere else. Same with restaurants.
your Gov cannot be worse than the Gov in Virginia.....don't get me started
Does it also require the buyer to pay a % of the purchase price? Up here they call it Real Transfer tax (Stamps). I think it was 1%
When I bought in 1990.
You could negotiate at closing who was going to pay. Traditionally it was split between buyer and seller- at least
the RE Agent told me so ...
GON
$150 Site Donor 2025
"""" The law requires sellers of New Jersey homes to pay the state tax in advance of moving, of either 8.97% of the profit on the sale of their home or 2% of the total selling price – whichever is higher. """
I should have said does NJ also tax the BUYER for RETT?
Just trying to figure out if the is a double whammy.
Like all of us since day 1 paying gasoline tax for road use and auto excise tax and tolls - constantly and everyday -
but somehow we need trillions from the Fed for infrastructure repairs.
People keep thinking the NJ exit tax is an additional tax. It is the same tax you would have had to pay anyway on your income tax return for the house profits. Nothing unusual or nefarious about it. Exit tax is a loaded term that makes people think it is some kind of extra tax for leaving when it’s not. When the state tax return is filed if the amount of tax on the home sale was wrong, they give a refund just like with any overpayment of income tax. So what if the seller moves to another state and doesn’t pay the tax due on the sale? They have to track them down in another state. How much is that going to cost?
Maybe if you sold your house, then rented for a year....maybe then you can avoid the additional tax.
While you can't pump your own gas, you're allowed to pump your own diesel.
While you can't pump your own gas, you're allowed to pump your own diesel.
GON
$150 Site Donor 2025
If I read the tax properly, the state of NJ takes 2 percent of the home sales price, or 9 percent of the profit from the home sale- whichever is higher. That is a ton of money and not sure many states charge anything like that.
And if you loose money on the home sale- you still have to pay NJ 2 percent of the sales price (if I am reading correctly). Reminds me of the song "Dirty Laundry" ... kick em when they are up.. kick em when they are down....
All that and NJ is over 100 billion short on its pension liabilities. What the heck is NJ doing with all this tax money being collected every which way?
- Status
Similar threads
