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.
September 10, 2024
New Jersey Policy Perspective: Taxing “Super Luxury” Home Sales Could Make New Jersey Affordable for More Residents
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