summary
Introduced
02/14/2022
02/14/2022
In Committee
02/14/2022
02/14/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 has a graduated structure, with different rates for different price ranges of the property sale. Counties retain a portion of the fee, while the state receives the remainder. The bill also removes references to the supplemental fee from the existing law.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Introduced, Referred to Assembly Housing Committee (on 02/14/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A2458 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2500/2458_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2500/2458_I1.PDF |
Loading...