Sen. Carmen Amato bill would roll back NJ’s new ‘mansion tax’ tiers, restore flat 1% rate on $1M-plus property deals
By: Shore News Network | Published: 2026-02-07 23:42:00 | Source: www.shorenewsnetwork.com
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TRENTON, N.J. – A new proposal from Senator Carmen F. Amato Jr. (R-Ocean) seeks to undo New Jersey’s recently enacted tiered tax system on high-value real estate transfers, restoring a single flat rate on all property sales exceeding $1 million. The bill, co-sponsored by Senator Kristin Corrado (R-Passaic), would return the so-called “mansion tax” to its former 1 percent rate —…
