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Bill > S1442

NJ S1442

NJ S1442
Eliminates supplemental realty transfer fee.

summary

Introduced
02/13/2020
In Committee
02/13/2020
Crossed Over
Passed
Dead
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 imposed by a previous law in 2003. The supplemental fee had a graduated structure, with higher fees for more expensive property sales. Counties retained a portion of the fee, while the State received the remainder, including an additional fee on "new construction" properties. By repealing this supplemental fee, the bill effectively removes these additional costs associated with real estate transactions in New Jersey.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 02/13/2020)
(3 Companion Bills)

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