Bill > S1440

Introduced Session

This bill exempts the sale of owner-occupied residential property by senior, blind, and disabled citizens from the general purpose fee, one of the fees levied on the transfer of title to real property, which are collectively known as the realty transfer fee. Established pursuant to P.L.2004, c.66, the general purpose fee is imposed on the seller of non-exempt real property whose selling price equals or exceeds $350,000. It applies to the full amount of the property sale and has the following schedule: $0.90 on each $500 of consideration on the first $550,000 of the value recited in the deed of transfer; $1.40 on each $500 of consideration between $550,000 and $850,000; $1.90 on each $500 of consideration between $850,000 and $1,000,000; and $2.15 on each $500 of consideration over $1,000,000. The State General Fund is credited with all the proceeds from this fee. A senior, blind or disabled resident selling his or her abode for $650,000, for example, would thus pay $1,400 in realty transfer fees, a reduction of $1,270, or 47.6 percent, from the current $2,670 liability. The bill also exempts the purchase of residential property by senior, blind, and disabled citizens from the one percent assessment imposed pursuant to P.L.2004, c.66 upon the recording of title to residential and commercial property selling for more than $1,000,000. A senior, blind or disabled resident acquiring a residential property for $1,500,000 would thus not have to pay $15,000 in fees.

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Jim Holzapfel (R)*, 

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

Official Document