News & Analysis as of

New Legislation Transfer Taxes Real Estate Transfers

Morgan Lewis

New Jersey ‘Mansion Tax’ Changes Impose Higher Transaction Costs on Commercial and Residential Real Estate Sales

Morgan Lewis on

Recent revisions to New Jersey law increase the so-called “mansion tax” for sales in excess of $2 million and shift the tax payment obligation to the seller. Governor Phil Murphy recently signed legislation making...more

Partridge Snow & Hahn LLP

Rhode Island Approves 63% Increase in Real Estate Conveyance Tax in 2026 Budget

On June 17, 2025, the Rhode Island House of Representatives approved the state’s $13.9 billion budget for FY 2026, which includes a substantial 63% increase in the real estate transfer (conveyance) tax. Effective July 1,...more

Troutman Pepper Locke

New Jersey Increases Mansion Tax Rates and Shifts Payment Obligation to Sellers

Troutman Pepper Locke on

On June 30, Governor Phil Murphy signed Bill A5804 into law, amending N.J.S.A. § 46:15-7.2-7.4; N.J.S.A. § 54:15C-1, and introducing significant changes to New Jersey’s realty transfer tax structure. These changes — effective...more

Stark & Stark

Governor Murphy’s Mansion Tax Modification

Stark & Stark on

New Jersey residents are familiar with the “Mansion Tax” and its companion, the “Controlling Interest Transfer Tax,” which were implemented in 2004 and 2006, respectively. The Mansion Tax requires purchasers of certain...more

Bressler, Amery & Ross, P.C.

New Jersey Modifies Mansion Tax on Sales of Real Property

The New Jersey state legislature has passed new legislation, as part of the State’s 2026 fiscal year budget, that directly and significantly impacts sellers and buyers of real property in New Jersey. Previously, a 1% fee...more

Saul Ewing LLP

Philadelphia Increases Realty Transfer Tax Rate to 3.578% Starting July 1, 2025

Saul Ewing LLP on

Effective July 1, 2025, the realty transfer tax rate for properties or acquired real estate companies sold in the City and County of Philadelphia will increase to 3.578%, in addition to the Commonwealth of Pennsylvania realty...more

Herbert Smith Freehills Kramer

Important Changes To NYS Transfer and Mansion Taxes

As part of the 2020 budget, the New York State Senate and Assembly enacted new revenue legislation, which included an increase to New York State’s transfer tax and mansion tax on transfers of real property. ...more

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