summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill eliminates the supplemental realty transfer fee imposed by P.L.2003, c.113, which took effect on July 14, 2003. The supplemental fee has a graduated structure. It is $0.25 for each $500 of the selling price not in excess of $150,000, $0.85 for each $500 of the selling price in excess of $150,000 but not in excess of $200,000, and $1.40 for each $500 of the selling price in excess of $200,000. Counties retain $0.25 of for each $500 of the selling price and remit the remainder to the State. The supplemental fee also includes an additional fee of $1.00 for each $500 of the selling price not in excess of $150,000 that is exempt from $1.00 of the basic fee as "new construction". The State receives all of the proceeds.
AI Summary
This bill eliminates the supplemental realty transfer fee that was imposed in 2003. The supplemental fee had a graduated structure, where the amount paid varied based on the selling price of the property. Counties retained a portion of the fee, while the remainder went to the State. The bill removes this supplemental fee, leaving only the existing basic, additional, and general purpose fees for real estate transfers in New Jersey.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Introduced, Referred to Assembly Community Development and Affairs Committee (on 01/14/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/A431 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/A0500/431_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/A0500/431_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/A0500/431_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A0500/431_I1.PDF |
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