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Bill > S444

NJ S444

NJ S444
Eliminates supplemental realty transfer fee.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 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, a tax imposed on real estate transactions that was established in 2003. This fee had a tiered structure based on the selling price, with different rates applied to portions of the sale price up to $150,000, between $150,000 and $200,000, and over $200,000, and also included an additional component for "new construction" (newly built improvements). A portion of this fee was retained by counties, with the remainder going to the state. By repealing the section of law that created this supplemental fee and removing references to it in other sections related to deed recording requirements, this bill effectively removes this specific tax from real estate transactions.

Committee Categories

Housing and Urban Affairs

Sponsors (2)

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)
(3 Companion Bills)

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