New Jersey Policy Perspective: Taxing “Super Luxury” Home Sales Could Make New Jersey Affordable for More Residents

As the cost of housing in New Jersey continues to soar, making it increasingly unaffordable for many residents, the market for “super luxury” homes – properties with exceptionally high price tags – continues to rise at a faster rate than all other homes. Applying a higher fee to the sale of these expensive homes could generate hundreds of millions in revenue, helping to make the state more affordable for low-income and middle-class residents. Crucially, this tax would be targeted exclusively to the wealthiest households.

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