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New NJ Mansion Tax Explained! What Sellers in Tenafly Must Know
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 ).
Tenafly NJ Home Values Continue to Rise
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.
What You Need to Know About New Jersey’s Updated Mansion Tax (Effective July 2025)
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.
Quick Overview: What Changed?
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.
What This Means for Tenafly Homeowners
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.
Key Takeaways:
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).
Local Market Snapshot: What Else Is Happening?
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.
Join Our “Grill, Snap & Win” Summer Contest!
We’re keeping it fun this July with a barbecue-themed photo contest just for our amazing community!
How to Enter:
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!
Final Thoughts: Tenafly & Eastern Bergen County in Transition
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.
Our 6 Step Buyers Process
Beginning your home search can be an overwhelming and daunting task. Because of that, our team makes sure that you, and all other potential buyers, understand each of the 8 steps that we take to make the process as easy and painless as possible. By the end of your search, with our support and guidance, you will live happily ever after in your new, dream home.
Financially Map Out Your Success
Our agents get to know you — Need to move for a job? Want a shorter commute? Getting married? Having a baby? Need to upgrade or downsize? At this stage in the process, we’ll send you notifications about the listings that you’re most likely to be excited about. Be sure to let us know if one (or more) jumps out at you so that we can skip to the next step and schedule a viewing. be there for you every step of the way.
Success for each person looks different. A growing family or new empty-nesters have different needs. Our goal is to map out your goals financially to get a good understanding of what you need in a home but also what makes the most sense for your specific situation - both from a time and money perspective.
Buyer Matching & Office Exclusives
We’ll introduce you to our mortgage partner, who can help you determine your buying price range with confidence. Be prepared to dig into paperwork during this part of the process such as pay stubs, W2’s, and tax returns. The lender will do a full review and then tell you what you will be able to borrow in order to purchase a home. This is a vital step in the home buying process!
During this process, we will be sending you some listings to evaluate and provide us with feedback. This helps us to understand, update and revise your criteria and preferences. Our agents are always super involved in the community so they can provide you with tons of information about the areas you are interested in. We will also use this information to setup notifications of listings to you and evaluate any office exclusives (homes that are not yet listed in the MLS) so you are the first to see the property.
Let the Showings Begin
Here’s where the buying process gets really fun! We’ll attend open houses together and schedule viewings of the homes that you’ve loved from our listing alerts. Many of our clients prefer us to consolidate to one day of searching or have specific times that work for them. We handle all the coordination so you just have to show up! We’ll talk about how the budget will work and make sure that we find you the perfect home.
Strategic Negotiations
When you’re ready to make an offer, your agent will present a written offer to the seller. We also present your offer using video to help make a bigger impact and showcase our commitment to the sale of the home. And while everyone loves getting their offer accepted right away, the seller could come back to us with a counteroffer, or reject your initial offer all together. We’re happy to walk you through each of these possibilities and exactly how to handle them. Once the offer is accepted, it’s time to get your financing in order and move forward to the next step!
The sellers accepted your offer, and the home is going through appraisal and inspection. The appraisal guarantees that the price of the property matches the condition of the property while the inspection makes sure that everything in the home is functioning properly and there are no major issues inside. These are the last steps before the shiny keys to your home are placed in your hand... for good!
Segue to Your Next Chapter
Get excited because it’s time to close on your home! This process includes going through all of the final paperwork and signing your name (a lot!). Don't forget to bring all of the paperwork you’ve collected along the way and your down payment.
But we know it doesn't stop here. You likely have a lot to coordinate, movers, painters, handymen etc. We will help you to SEGue into your next chapter seamlessly. Even make some introductions to some neighbors! You can count on us!
Ready to find your dream home?
Let us help you make that happen!
Client Care: (201) 500-2212
82 N. Summit Street, Tenafly NJ 07670
Stacy Esser Consulting LLC
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