Only in New Jersey?
Are you are thinking of selling your home in New Jersey and relocating to another state get ready to pay an Exit Tax. How closely monitored is this law is unknown, but it has been on the books since Governor McGreevey enacted when in office.The tax payment is determined by multiplying the gain on the sale by the top NJ tax rate of 8.97%. The payment cannot be less than 2% of gross proceeds from the sale.
In 2007 the state Division of Taxation "amended" their position that, in order to utilize the Resident form, the seller MUST be moving to a New Jersey address as of the date of deed transfer, or they must use the Non-Resident form, which will require the Seller to pay the minimum 2% of the deed consideration directly to the state.
So if you are thingking of leaving our fair state of New Jersey after selling your home, double check with your real estate attorney and/or accountant to see what options are available to you.
If and when you are looking for an Experienced Realtor in Central NJ