the staff of the Ridgewood blog
TRENTON, NJ — Senator Kristin Corrado (R-40) has strongly criticized Trenton Democrats for fast-tracking major changes to New Jersey’s Mansion Tax with little notice or time for the real estate industry to adjust. The new law (S-4666/A-5804) was introduced on June 23, signed into law by Governor Phil Murphy on June 30, and took effect immediately on July 1, leaving just nine days for compliance.
⚠️ A Sudden and Controversial Shift in Mansion Tax Policy
The original Mansion Tax, enacted in 2004 and expanded in 2006, required home buyers to pay a 1% surcharge on homes sold for more than $1 million. Under the new law, the tax burden shifts to home sellers, and in many cases, the rate is increased, making it significantly more burdensome to sell high-value properties.
“This is a blatant bait-and-switch that turns the Mansion Tax into an ‘Exit Tax’ for sellers,” said Senator Corrado. “Democrats pushed this through without public input, and it passed strictly along party lines.”
🏠 Real Estate Industry Blindsided
Corrado noted that the real estate industry, including brokers, agents, and attorneys, received no formal guidance and zero preparation time before the law went into effect.
“Given the magnitude of this policy shift, it’s irresponsible to implement the changes without at least a 30-day grace period,” said Corrado. “Instead, they chose chaos—creating confusion, potential legal disputes, and panic among those navigating real estate closings.”
⚖️ Legal & Economic Implications
Experts warn that the lack of clarity surrounding the implementation of the new tax structure could trigger a wave of litigation between buyers, sellers, and legal professionals, particularly over who is financially responsible for the tax in deals that were already in progress.
Corrado added,
“This law will have long-term consequences for New Jersey’s already fragile housing market, especially for those trying to leave the state. It reinforces the growing sentiment that New Jersey is not seller-friendly and is doing little to keep wealth and investment in the state.”
🏛️ What Happens Next?
With confusion mounting, real estate professionals and legal experts are calling on the Murphy administration to issue immediate guidance and consider a delayed enforcement period.
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The Democrats run the state…. right into the ground
The majority party in Trenton is run by Democrats from shit-hole cities that couldn’t balance a checkbook of their own.
They already chased the big earners out of the state so those who paid the majority of income taxes have self-exiled to Florida for 181 days per year and given up NJ residency. The MORONS in Trenton don’t understand that those with disposable income SPEND IT on goods and services wherever they are. NJ misses out on sales taxes for those 181 days and businesses miss revenue.
But you can’t fixed stupid. When those from Paterson, Camden, Newark and other shithole cities run the state its like the inmates running the insane
True, I’m retiring – and LEAVING.
2/3 of the state legislature in democrat
there will be a mass exodus once florida eliminates property tax
Have fun in Florida with your Homeowners Insurance.
Kick it up
I’m already gone
It’s very simply the price you pay for voting “D.”
Simply democrats f…ing suck!
We don’t care.
We are
RICH and STUPID
We’ll happily pay it.
And PATRIOTIC.
It’s patriotic to pay extra taxes to support causes and people who produce nothing.
There IS a solution but it will never happen.
If you pay taxes you can vote. If you receive welfare EBT etc= no vote
IF i want to vote at a companys annual meeting i must be a shareholder and ”have a stake”
Democrats are morons! Enough said…