Tenafly Mansion Tax Update: Sellers' Guide for 2025
Stacy Esser Group July 17, 2025
Stacy Esser Group July 17, 2025
Eastern Bergen County Real Estate Market Update
Welcome back to your go-to source for all things Eastern Bergen County real estate. Today we’re diving into key updates that will impact both home sellers and buyers in Tenafly and surrounding areas, including a breakdown of the new Mansion Tax bill in New Jersey, what it means for your home value, and how it could shift the market.
We’re also celebrating strong home value appreciation in Tenafly, and yes, we’re throwing in a little summer fun with our Grill, Snap & Win BBQ Contest (details below ).
The real estate market in Tenafly remains strong. Median estimated values are climbing, and over 50% of homes sold in the last 12 months were priced over $1 million. Despite national slowdowns, Eastern Bergen County is bucking the trend with double-digit appreciation and continued buyer demand.
But a big change is here—and it could shift how deals are made going forward.
One of the most significant real estate updates in New Jersey this year is the revision to the mansion tax, which disproportionately impacts high-value markets like Tenafly.
Old Law:
Buyers paid a 1% mansion tax on any home over $1 million
Sellers paid a separate realty transfer fee
New Law (Effective July 2025):
Sellers now pay the mansion tax
The tax is now tiered, depending on the sale price
This also applies to commercial properties, meaning the financial impact could be significant for both developers and investors.
More than half of all homes sold in Tenafly exceed $1 million, so this new law is not just targeting ultra-luxury homes, it’s targeting everyday real estate in Eastern Bergen County.
Sellers are now footing the bill, not buyers
Many sellers may raise their listing prices to compensate
This may push prices even higher across all price points
It could reduce seller motivation, resulting in fewer new listings
Buyers may benefit from not paying the tax, but still face rising prices
For homes already under contract over $2M, sellers will temporarily pay the elevated tax and must apply for a refund during tax season (as long as the deed is recorded by November 15).
Price Reductions are increasing, signaling seller pushback
Days on market are up slightly, but prices still rise in many cases
Expired and withdrawn listings are climbing, a clear sign that if sellers don’t get their number, they’re stepping back
New listings are down, adding more pressure to already tight inventory
Bottom line? Sellers still have leverage, but they’re getting more selective. Buyers need to be prepared to move quickly when a well-priced home hits the market.
We’re keeping it fun this July with a barbecue-themed photo contest just for our amazing community!
Snap a photo of your BBQ masterpiece—food, grill, or chef-selfies welcome
Submit as many photos as you’d like
You’ll be entered to win a 6-month Gold belly BBQ subscription (curated by yours truly)
Just scan the QR code on our Instagram or reach out via DM for full contest details!
The new mansion tax in NJ is more than a headline—it’s a structural shift that could drive prices higher, stall inventory, and increase buyer frustration. But if you’re prepared, it can also be an opportunity.
Whether you're buying, selling, or holding, a customized strategy session can help you navigate the changes.
Stay up to date on the latest real estate trends.
That’s the foundation of our Buyer Upside Method™. Because the goal isn’t just to buy a home
If you are considering a move, or simply want clarity on where you stand, start with a real strategy.
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