Bill > A432

Introduced Session

This bill exempts the sale of owner-occupied residential property by a senior citizen or a blind or disabled person, from certain State portions of the realty transfer fee. The bill also exempts the purchase by a senior citizen or a blind or disabled person of certain residential property from the 1% fee imposed upon the recording of title to that property if the selling price exceeds $1,000,000. The reduction in revenue collected through the realty transfer fee as the result of the enactment of this bill is not believed to be sufficient to trigger the "poison pill" provisions of the realty transfer fee. The "poison pill" provisions of the realty transfer fee law require the Legislature to annually appropriate from realty transfer fees collected by the State $25 million to the "Shore Protection Fund" (N.J.S.A.13:19-16.1) and $12 million to the "Highlands Protection Fund" (N.J.S.A.13:20-19). That law provides that if these funds do not receive this required revenue, the State portion of the basic fee, as well as the additional fee which funds the Affordable Housing Trust Fund (N.J.S.A.52:27D-320) shall not be collected.

AI Summary

Committee Categories

John Catalano (R)*,  Greg McGuckin (R)*, 

Introduced, Referred to Assembly Community Development and Affairs Committee (on 01/14/2020)