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For Northern NJ | August, 2025
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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.
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Report Cards by Town
Brought to you by Niche.com
Check out Niche's 2024 Best Places to Live in Bergen County here
Bergen County, NJ
Bergen County, New Jersey, has a population of 953,243 and is considered one of the best places to live in the state. Most residents own their homes, and the area offers many bars, restaurants, coffee shops, and parks. It attracts young professionals, with residents generally leaning liberal. The public schools in Bergen County are highly rated.
Tenafly, NJ
Tenafly, a suburb of New York City in Bergen County with a population of 15,299, is one of the best places to live in New Jersey. Most residents own their homes and enjoy a suburban feel with numerous restaurants, coffee shops, and parks. The town attracts families, and residents generally hold moderate political views. Tenafly’s public schools are highly rated.
Oradell, NJ
Oradell, a New York City suburb in Bergen County with a population of 8,208, is considered one of the best places to live in New Jersey. Residents enjoy a suburban feel, with most owning their homes. The town has plenty of coffee shops and parks and is popular among retirees. Oradell residents generally lean conservative, and the public schools are highly rated.
Hawthorne, NJ
Hawthorne, a suburb of New York City in Passaic County with a population of 19,456, offers a dense suburban feel with many restaurants, coffee shops, and parks. It attracts families and young professionals, with residents generally leaning liberal. The public schools are rated above average.
Demarest, NJ
Demarest, a New York City suburb in Bergen County with a population of 4,930, is considered one of the best places to live in New Jersey. It has a rural atmosphere, with most residents owning their homes. The community generally holds moderate political views, and the public schools are highly rated.
Closter, NJ
Closter, a New York City suburb in Bergen County with a population of 8,555, is highly rated as a place to live in New Jersey. It provides a rural feel, and most residents own their homes. The community tends toward moderate political views, and the public schools are highly rated.
Montvale, NJ
Montvale, a New York City suburb in Bergen County with a population of 8,413, is known as one of New Jersey’s top places to live. It offers a sparse suburban atmosphere, with most residents owning their homes. The area attracts many young professionals, and the community generally leans conservative. Montvale’s public schools are highly rated.
Upper Saddle River, NJ
Upper Saddle River, a New York City suburb in Bergen County with a population of 8,313, is highly rated as a place to live in New Jersey. It offers a rural feel, with most residents owning their homes and enjoying the town’s numerous parks. Residents tend to hold moderate political views, and the public schools are highly rated.
Woodcliff Lake, NJ
Woodcliff Lake, a New York City suburb in Bergen County with a population of 6,096, is highly regarded as a place to live in New Jersey. It provides a sparse suburban feel, with most residents owning their homes and enjoying many coffee shops and parks. The community leans conservative, and the public schools are highly rated.
Real Estate Insights, Home Tips & More
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.
