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BONNIE WELLS BROKER | OWNER OF COASTAL LIVING REAL ESTATE Specializing in Marketing Management since 1985, Bonnie Wells has built a distinguished career that began with a focus on the Eastern Seaboard for a D & B Software Company. She relocated to New Jersey in 1989, bringing her expertise and passion for real estate to new markets. Holding a Broker’s Real Estate License in both New Jersey and Florida, Bonnie has facilitated relocations for clients from all over the world.
Written by Jenna Cowperthwaite Photos by Real Estate Cinema
There has been quite a bit of discussion recently about the revision of New Jersey’s “Mansion Tax,” now formally called the Graduated Percent Fee. These changes are important for both buyers and sellers to understand, as they apply to both residential and Class 4A commercial transactions and could significantly impact future investment and development decisions. Originally adopted in 2004, the Mansion Tax imposed a 1% fee on any property valued at $1 million or more. 40
Under the new law, the transfer of property between $1 million and $2 million remains subject to the 1% tax. However, properties valued above $2 million now fall under a newly developed graduated system: 2% on properties between $2 million and $2.5 million, 2.5% on those between $2.5 million and $3 million, 3% on those between $3 million and $3.5 million, and topping out at 3.5% on any property over $3.5 million. While these increasing fees may seem alarming, the
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