Does New Jersey have an inheritance tax?
In estates of decedents dying on or after July 1, 1988, only beneficiaries in Classes “C” and “D” are subject to inheritance tax. Currently, the law imposes a graduated inheritance tax ranging from 11% to 16% on the real or personal property with a value of $500 or more to certain beneficiaries as listed below: * Class “A – father, mother, grandparent, husband, wife, child or children of decedent, adopted child or children, issue of any child or legally adopted child of a decedent, mutually acknowledged child and stepchild. *Class “B” – eliminated by statue effective July 1, 1963. * Class “C” – brother or sister of decedent, wife or widow of a son decedent, or husband or widower of a daughter of decedent * Class “D” – every other transferee, distributee or beneficiary. * Class “E” – includes transfers for public or charitable purposes to the State of New Jersey or any of its political subdivisions, an educational institution, church, hospital, orphan asylum, public library, and certain
