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NJ Exit Tax: Relocating from NJ to Florida, What you need to know

NJ Exit Tax: Relocating from NJ to Florida, What you need to know

Thinking about Selling your Home? Your Home may be worth WAY more than you think? For an instant home valuation visit www.centralnjhousevalues.com

Thinking about Buying a Home? Search for NJMLS Homes at www.centralnjhomesforsale.com

For all you need to know about the Cost of Living in NJ versus Florida visit http://thehomeshoppegroup.com/relocating/relocating-to-florida/

NJ Exit Tax Info

Florida is known for their lower income tax rates and affordability. The median housing price in Florida is around $116,000. Living in New Jersey, the median housing price is $279,500. With this in mind, brings the dreaded topic of the NJ exit tax*.

This is one of the most questioned aspects of moving out of state. The NJ exit tax purpose is to secure the residents and nonresidents alike who sell residential property in New Jersey pay the appropriate tax on the profits, even if they move before the end of the year and don’t file a state income tax return the following year. The amount of the NJ exit tax is the standard state tax rate on the profit from a home sale. The minimum amount of the NJ exit tax is 2% of the total home sale price. It is required when moving out of NJ and relocating to a new state.

If you are moving out of a residential property and into another within the state, then the NJ exit tax is not applied.

Also, Florida Property tax is based on the market value as of January 1st of that year. This particular is relatively high, but the state has provided numerous exemptions to the property tax that are effective.

If you are choosing to move to Florida, you have made a great choice. Florida has become one of the 10 best places to retire and was mentioned in Forbes’ list of Best Places to Retire. There are various towns within the state that appeal to people of all ages. Variety is a special attribute that Florida has acquired over the years and makes it a great place to move because no matter where you go, you will always feel comfortable in your area.

For all you need to know about the Cost of Living in NJ versus Florida visit http://thehomeshoppegroup.com/relocating/relocating-to-florida/

For more detailed information about this post Call us today Home Shoppe Group . For more information about Monmouth Real Estate homes or more NJMLS Listings in NJ or Jersey Shore Real Estate click on those links. The Home Shoppe Group is a Real Estate business with a team of knowledgeable professionals specializing in every component of a real estate transaction. Whether you are Buying or Selling a Home In Central NJ or the Jersey Shore we can help. We cover all of Central New Jersey with an emphasis on Jersey Shore Real Estate. Call 732-927-1515 or email homeshoppeconsulting@gmail.com

*Information on NJ exit tax found at http://www.nj.com/business/index.ssf/2014/07/your_money_njs_exit_tax_and_home_sales.html

The Home Shoppe Group are not Accountants or Attorneys and the information provided may not pertain to your situation, *Information on FL property and income tax http://www.stateofflorida.com/taxes.aspx

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