N.J. Admin. Code § 18:26-7.1
Current through Register Vol. 56, No. 21, November 4, 2024
The New Jersey transfer inheritance tax is imposed upon the transfer of property based upon the clear market value of such property. The "clear market value" of property means the market value of the property less the debts, expenses, and taxes that constitute an encumbrance upon the property of a decedent. No deductions are allowed, however, against any property that is exempt or not subject to the New Jersey transfer inheritance tax.
N.J. Admin. Code § 18:26-7.1