Can New Jersey require an expert appraisal for inheritance tax?
Yes. Under the Division of Taxation's regulations, the Director may require that the value of any tangible asset subject to the transfer inheritance tax be supported by an appraisal from a broker, dealer, jobber, or another person with expert knowledge of that property's market value. Executors who file with a documented appraisal of the contents, vehicles, or collection already attached have answered that demand before it is made.
Which New Jersey death tax still applies?
The transfer inheritance tax. New Jersey no longer imposes an estate tax on anyone who died on or after January 1, 2018, but the inheritance tax remains, and for a resident decedent it can reach nearly every asset type, including vehicles and personal property. Class A beneficiaries (the closest relatives) owe nothing; Class C and Class D beneficiaries are taxed at 11 to 16 percent on the value they receive above their exemptions.