Legal Question in Wills and Trusts in New Jersey

taxes

if someone sells me a house for less than $100.00 do I pay taxes on that amount or the value on the house?


Asked on 11/20/03, 7:02 am

3 Answers from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

Re: taxes

I'm not sure I understand your question. If you mean property taxes, the $100 means nothing. The town will assess the taxes based upon the market value (assessed value) of the property and not the nominal $100 figure.

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Answered on 11/20/03, 9:27 am
Miriam Jacobson Retired from practice of law

Re: taxes

Deed that have a consideration of under $100. do not have a transfer tax. For considerations (price) of $100. or more, the tax varies based on the consideration.

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Answered on 11/20/03, 5:02 pm
Walter LeVine Walter D. LeVine, Esq.

Re: taxes

Presuming the house was a gift or an equivalent, and not actually having a true value of $100.00, you pay recording fees based upon the Deed price, but real estate taxes are still based on the market value for the community, adjusted by the County Equalization Rate.

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Answered on 11/20/03, 5:46 pm


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