Free Franklin Lakes, New Jersey seller net sheet calculator
Closing costs, transfer taxes and who pays what when selling a home in Franklin Lakes, New Jersey (Bergen County). The calculator applies the local rates for you.
- Median home value
- $1,217,500
- Transfer tax on $1,220,000
- $24,437
- Seller costs on $1,220,000
- About $85,547
- Median property tax bill
- more than $10,000 a year
- County
- Bergen County
- Population
- 11,251
Franklin Lakes transfer tax
On a $1,220,000 sale in Franklin Lakes, transfer taxes come to $24,437: Realty transfer fee (consideration over $350,000) and Graduated percent fee (formerly the 1% "mansion tax"). By custom the seller pays it.
| Tax | Rate | Paid by | On $1,220,000 |
|---|---|---|---|
| Realty transfer fee (consideration over $350,000) | $2.90 to $6.05 per $500 by bracket | Seller | $12,237 |
| Graduated percent fee (formerly the 1% "mansion tax") | 1% over $1M, 2% over $2M, 2.5% over $2.5M, 3% over $3M, 3.5% over $3.5M (whole price) | Seller | $12,200 |
| Sale price | Seller pays | Buyer pays | Total |
|---|---|---|---|
| $250,000 | $1,325 | $0 | $1,325 |
| $500,000 | $4,175 | $0 | $4,175 |
| $1,000,000 | $9,575 | $0 | $9,575 |
| $1,220,000 local median value | $24,437 | $0 | $24,437 |
Example Franklin Lakes seller net sheet
A $1,220,000 sale, close to Franklin Lakes's median home value of $1,217,500, with a 5% commission and a $730,000 mortgage payoff. Seller costs come to about $85,547, or 7% of the price.
| Line | Seller |
|---|---|
| Sale price | $1,220,000 |
| First mortgage payoff | −$730,000 |
| Real estate commission (5%) | −$61,000 |
| Realty transfer fee (consideration over $350,000) | −$12,237 |
| Graduated percent fee (formerly the 1% "mansion tax") | −$12,200 |
| Release / satisfaction recording | −$60 |
| Wire / courier / payoff processing | −$50 |
| Estimated net before property tax prorations | $404,453 |
Who pays what in Franklin Lakes
Franklin Lakes closings follow Bergen County customs. In Bergen County, the buyer customarily pays the owner's title policy. The settlement fee is customarily paid by the buyer. Closings are usually handled by a title company or attorney.
Property taxes in Franklin Lakes
The median property tax bill for homeowners in Franklin Lakes is more than $10,000 a year (Census Bureau American Community Survey, 2019-2023). Taxes here are paid in advance, so at closing the bill is prorated between buyer and seller to the closing date. Quarterly bills due Feb 1, May 1, Aug 1 and Nov 1 for the quarter; seller is credited for any prepaid quarter.
Rates verified 2026-09-29. Home value and tax bill: Census Bureau American Community Survey, 2019–2023. A net sheet is an estimate; final figures come from the title company.
Franklin Lakes seller questions
How much is the transfer tax in Franklin Lakes, New Jersey?
On a $1,220,000 sale in Franklin Lakes, transfer taxes come to $24,437: Realty transfer fee (consideration over $350,000) and Graduated percent fee (formerly the 1% "mansion tax"). By custom the seller pays it.
How much are seller closing costs in Franklin Lakes?
On a $1,220,000 sale, close to the median home value in Franklin Lakes, with a 5% commission, estimated seller costs are about $85,547 (7% of the price). Without commission they are about $24,547. The loan payoff and property tax proration change the final number.
What county is Franklin Lakes in, and does it matter at closing?
Franklin Lakes is in Bergen County, New Jersey. County and state rules set the transfer taxes and recording fees, and local custom decides who pays for title and closing. In Bergen County, the buyer customarily pays the owner's title policy. The settlement fee is customarily paid by the buyer.
How much are property taxes in Franklin Lakes?
The median property tax bill for homeowners in Franklin Lakes is more than $10,000 a year (Census Bureau American Community Survey, 2019-2023). Taxes here are paid in advance, so at closing the bill is prorated between buyer and seller to the closing date. Quarterly bills due Feb 1, May 1, Aug 1 and Nov 1 for the quarter; seller is credited for any prepaid quarter.
Other cities in Bergen County
- Hackensack
- Teaneck
- Fort Lee
- Fair Lawn
- Garfield
- Englewood
- Bergenfield
- Paramus
- Ridgewood
- Lodi
- Cliffside Park
- Mahwah
Cities near Franklin Lakes
Build your Franklin Lakes net sheet in minutes.
Free to use. No account needed to try it.