Failla Law Group, LLC

07/01/2025

Based on available evidence, the New Jersey mansion tax increase is anticipated to commence on July 1, 2025, coinciding with the start of the 2026 fiscal year. This date is corroborated by multiple sources referencing the budget timeline, although a slight uncertainty remains regarding potential delays in budget signing.

07/01/2025

Here's a summary of the vote and the “mansion/realty transfer” tax increases:
• Assembly Vote: The bill was approved in the New Jersey Assembly by a vote of 41-35.
• Tax Increases:
◦ The real estate transfer fee, or "mansion tax," on homes sold for more than $2 million will be doubled to 2%.
◦ The tax rate on homes sold for over $2.5 million to $3.5 million will increase to 2.5%.
◦ The tax rate for homes sold for over $3 million will triple to 3%.
◦ For homes going for $3.5 million and above, the fee will be raised to 3.5%.
• Shift in Responsibility: The seller, rather than the buyer, will now be responsible for paying these higher fees.

06/25/2025

ATTENTION - Buyers of NJ Real Estate- Mansion Tax Increase Proposal (could go in effect 7/1/25):

Governor Phil Murphy’s budget proposal for the 2026 fiscal year includes a significant change to the supplemental portion of the New Jersey Realty Transfer Fee, known as the “Mansion Tax.” The proposal suggests increasing the current 1% flat rate to:
• 2% for certain real property purchases between $1 million and $2 million.
• 3% for certain real property purchases exceeding $2 million.
This would apply to both residential and potentially commercial sales, though it remains unclear if the final legislation will include commercial properties

06/19/2025

Business Owners…we can help! 973-575-2528

05/24/2025

05/16/2025

Let Failla Law Group litigate for you! 🤣

05/06/2025

📍New Jersey is actively rebalancing the real estate market - focusing on fairness, transparency, and affordability.

Are you feeling the impact on your neighborhood? Let’s talk

03/10/2025

Let us guide you through a smooth transaction!

02/10/2025

The New Jersey Consumer Fraud Act is the shield you may need some day. FLG

01/10/2025

Failla Law Group

02/03/2024

Attention, all Liquor License owners!

Governor Murphy has signed new law that is going to require anyone who holds a pocket license in the state of New Jersey to sell the license, use it or lose it. Based on the new law you're going to have two years from the last time you renewed your license to get rid of your license, use it or the township will be able to take the license back and then they will auction it off on their own and profit from it.

To avoid this you should get your license on the market now, before people start panicking and the market becomes flooded with liquor licenses!

SELL YOURS NOW BEFORE THE VALUES DROP!!!!!!. We can help!!
Failla Law Group, LLC
973-575-2528

07/17/2023

Tough day at work…