Question 1

Does New Jersey have rent control?

Accepted Answer

While New Jersey does not have a statewide rent control law, more than 100 municipalities in the state have enacted their own rent control ordinances. These local laws vary significantly in their provisions, including allowable rent increases, covered units, and exemptions. In addition, New Jersey's Anti-Eviction Act (N.J.S.A. § 2A:18-61.1) provides strong eviction protections for tenants, requiring landlords to demonstrate "good cause" for eviction in most cases. This means that landlords in New Jersey must carefully review both state law and the specific local ordinance in the municipality where their property is located when drafting lease agreements.

Question 2

How do I form an LLC in New Jersey?

Accepted Answer

To form an LLC in New Jersey, file a Certificate of Formation with the Division of Revenue and Enterprise Services and pay a $125 filing fee. You must designate a registered agent with a New Jersey address. New Jersey LLCs must file an annual report with a $75 fee. An operating agreement is not required to be filed but is strongly recommended. New Jersey also requires new businesses to register for state taxes with the Division of Revenue and may require additional local business licenses or permits.

Question 3

What is the attorney review period for real estate contracts in New Jersey?

Accepted Answer

New Jersey has a statutory three-business-day attorney review period for residential real estate contracts. During this period, either the buyer's or seller's attorney may review the contract and disapprove it, making modifications or canceling the agreement entirely. The review period begins after both parties have signed the contract. If an attorney disapproves the contract within the review period, the transaction is canceled and any deposits are returned. This provision makes it important for both parties to engage an attorney promptly after signing a real estate contract in New Jersey.

Question 4

What are New Jersey's security deposit rules?

Accepted Answer

New Jersey has strict security deposit laws (N.J.S.A. § 46:8-19 to 46:8-26). Security deposits are limited to one and a half months' rent. Landlords must hold deposits in a separate, interest-bearing account at a New Jersey bank or in an insured money market fund. Landlords must pay annual interest on deposits and provide tenants with notice of the account details. Deposits must be returned within 30 days after the tenant vacates, with an itemized list of deductions. Violations can result in the tenant recovering the full deposit plus interest and court costs.

Question 5

Does New Jersey have an estate tax?

Accepted Answer

New Jersey eliminated its estate tax effective January 1, 2018. However, the state still imposes an inheritance tax on transfers to certain beneficiaries. Transfers to spouses, parents, grandparents, children, grandchildren, and stepchildren (Class A beneficiaries) are exempt from inheritance tax. Transfers to siblings and children-in-law (Class C) are taxed at 11-16%, and transfers to other beneficiaries (Class D) are taxed at 15-16%. Estate planning in New Jersey should account for the inheritance tax implications and consider strategies to minimize the tax burden on non-exempt beneficiaries.

Property Division	Equitable Distribution
At-Will Employment	Yes (with extensive statutory protections)
State Income Tax Rate	1.4% - 10.75%
Statewide Rent Control	No (widespread local rent control ordinances)
LLC Formation Filing Fee	$125
Minimum Wage	$15.49/hr
Online Notarization	Allowed
State Bar Association	https://www.njsba.com

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