What is the inheritance tax rate in New Jersey?

In New Jersey, the inheritance tax rate varies depending on the relationship of the beneficiary to the deceased and the value of the inheritance. There are three classes of beneficiaries: Class A, which includes parents, spouses, children, and grandchildren; Class B, which encompasses siblings and their descendants; and Class C, which consists of all other beneficiaries, such as friends or distant relatives. For Class A beneficiaries, there is no inheritance tax on bequests. For Class B beneficiaries, the tax rate ranges from 0 percent to 11 percent based on the amount inherited. For Class C, the tax rate ranges from 0 percent to 16 percent, also depending on the value inherited. It is important for individuals to understand these classifications and rates as they can have a significant impact on the total tax liability. For specific tax rates and thresholds, one might want to refer to the New Jersey Division of Taxation's official website for the most current information.