Free Somerset, New Jersey seller net sheet calculator
Closing costs, transfer taxes and who pays what when selling a home in Somerset, New Jersey (Somerset County). The calculator applies the local rates for you.
- Median home value
- $408,600
- Transfer tax on $410,000
- $3,311
- Seller costs on $410,000
- About $23,921
- Median property tax bill
- $7,836 a year
- County
- Somerset County
- Population
- 23,851
Somerset transfer tax
On a $410,000 sale in Somerset, transfer taxes come to $3,311: Realty transfer fee (consideration over $350,000). By custom the seller pays it.
| Tax | Rate | Paid by | On $410,000 |
|---|---|---|---|
| Realty transfer fee (consideration over $350,000) | $2.90 to $6.05 per $500 by bracket | Seller | $3,311 |
| Sale price | Seller pays | Buyer pays | Total |
|---|---|---|---|
| $250,000 | $1,325 | $0 | $1,325 |
| $410,000 local median value | $3,311 | $0 | $3,311 |
| $500,000 | $4,175 | $0 | $4,175 |
| $1,000,000 | $9,575 | $0 | $9,575 |
Example Somerset seller net sheet
A $410,000 sale, close to Somerset's median home value of $408,600, with a 5% commission and a $245,000 mortgage payoff. Seller costs come to about $23,921, or 5.8% of the price.
| Line | Seller |
|---|---|
| Sale price | $410,000 |
| First mortgage payoff | −$245,000 |
| Real estate commission (5%) | −$20,500 |
| Realty transfer fee (consideration over $350,000) | −$3,311 |
| Release / satisfaction recording | −$60 |
| Wire / courier / payoff processing | −$50 |
| Estimated net before property tax prorations | $141,079 |
Who pays what in Somerset
Somerset closings follow Somerset County customs. In Somerset 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 Somerset
The median property tax bill for homeowners in Somerset is $7,836 a year, about 1.92% of the median home value of $408,600 (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.
Somerset seller questions
How much is the transfer tax in Somerset, New Jersey?
On a $410,000 sale in Somerset, transfer taxes come to $3,311: Realty transfer fee (consideration over $350,000). By custom the seller pays it.
How much are seller closing costs in Somerset?
On a $410,000 sale, close to the median home value in Somerset, with a 5% commission, estimated seller costs are about $23,921 (5.8% of the price). Without commission they are about $3,421. The loan payoff and property tax proration change the final number.
What county is Somerset in, and does it matter at closing?
Somerset is in Somerset 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 Somerset 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 Somerset?
The median property tax bill for homeowners in Somerset is $7,836 a year, about 1.92% of the median home value of $408,600 (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 Somerset County
- Franklin
- Bridgewater
- Bernards
- Montgomery
- North Plainfield
- Hillsborough
- Warren
- Branchburg
- Somerville
- Bradley Gardens
- Franklin Park
- Bound Brook
Cities near Somerset
Build your Somerset net sheet in minutes.
Free to use. No account needed to try it.