New Jersey Inheritance and Estate Tax
Legally, a real estate appraiser must be state certified to create legitimate appraisal reports for an Estate Appraisal in New Jersey and New York and for FHA-backed sales. Contact DAS Appraisals if you have any questions about the appraisal procedure.
Myth: The value that is assessed by the appraiser should be the same as the market value.
Fact: It’s been my experience that estate appraisals are commonly ordered between 1-6 months after the death of a loved one or inheritance of a property. Occasionally an appraisal is ordered almost immediately whereas other times the time period may be as long as a year or more depending on the circumstances at hand.
New Jersey Estate Tax, Important Technical Provisions
P.L. 2016, c. 57 signed into law on October 14, 2016, provides that the New Jersey Estate Tax exemption increased from $675,000 to $2 million for the estates of resident decedents who die on or after January 1, 2017, but before January 1, 2018. (There is no Estate Tax assessed against nonresident decedent’s estates.)
For the estates of resident decedents who die on or after January 1, 2018, the New Jersey Estate Tax will not be imposed.