What is the Inheritance Tax in New Jersey?
Well, just like Pennsylvania, it depends on the nature of the relationship between the person who died and the person who’s receiving the money.
Actually, New Jersey now has lower inheritance taxes for most people. It didn’t for years, but they changed that about four or five years ago.
For most close relatives, your spouse, your children, your grandchildren, grandparents, there’s no inheritance tax in New Jersey.
You get a little bit outside that you go with siblings or spouses of your children, then the first 25,000 dollars is exempt, and then the tax rate is 11% on the $1,075,000, then the next $300,000 is 13% and the next $300,000 is 14 % and then over $1,700,000 it’s 16 %.