SUBCHAPTER 5. TRANSFERS SUBJECT TO TAX
N.J.A.C. 18:26-5.1 (2014)
§ 18:26-5.1 Transfers generally
(a) Any transfers of property real or personal of the value of $ 500.00 or over, or any interest in a transfer or income from a transfer which interest or income is $ 500.00 or over in value, whether such transfer, interest or income is held in trust or otherwise to or for the use of any transferee, distributee or beneficiary, is subject to the transfer inheritance tax at the rates designated in Sections 2.4, 2.7 and 2.8 of this Chapter.
(b) In any case where a transfer or any interest or income is less than $ 500.00 in value, the transfer, interest or income is exempt from the tax; provided, however, if the transfer, interest or income is valued at $ 500.00 or more, then the entire transfer, interest or income is subject to tax.
Mr. "X" bequeaths his gold ring worth $ 250.00 to "Y", this being the only transfer made to "Y", the transfer is not subject to the tax. If Mr. "X" had bequeathed not only the ring but a watch and chain worth $ 300.00, then the transfer would be taxable and the tax would be based upon the entire amount, i.e., $ 550.00.