Buying a home in New Jersey

Property taxes, transfer taxes, home values and first-time buyer help in New Jersey.

Effective property tax rate

2.11%

Median tax $9,590 ÷ median value $454,400 (ACS 2020–2024)

Typical home value

$580,353

Zillow ZHVI, 2026-08

State transfer tax

Graduated by price; mansion tax over $1M

Usually paid by: seller. N.J.S.A. 46:15-7 (Realty Transfer Fee). Official source. Local taxes may add more.

Estimated buyer closing costs Estimate

$4,600–$6,500

On a $580,353 home: typical lender fees + title insurance + deed recording (TallyClose) + the buyer’s share of transfer/recording taxes. Excludes prepaids, escrow and local taxes.

At New Jersey's effective rate of 2.11%, a typical $580,353 home would owe about $12,245/year ($1,020/month) in property taxes. Actual bills depend on your county, city and exemptions. Run your numbers.

First-time homebuyer programs

New Jersey Housing and Mortgage Finance Agency

Your state housing finance agency offers down payment assistance and low-rate mortgages for eligible buyers. Visit New Jersey Housing and Mortgage Finance Agency →

Sources: U.S. Census Bureau ACS 2020–2024 5-year (B25103, B25077); Zillow Home Value Index; TallyClose closing-cost dataset (CC BY 4.0), which cites each state statute; NCSHA HFA directory. Last updated 2026-10-15.