As Housing Prices Rise, Murphy Wants a Tax Increase

June 2, 2025 | njspotlightnews.org

With housing prices rising steadily and aggravating affordability concerns, Gov. Phil Murphy wants to hike fees levied on New Jersey’s priciest real estate sales, a tax increase that would be paid by buyers.

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NJ SEED: Increasing the “Mansion Tax” from 1% to 2% on houses selling for more than $ 1 million when the average selling price for a single family house in NJ stands at $700 thousand is a curious way of demonstrating sympathy for the affordability issue.