Bill > A790

Introduced Session

This bill eliminates a) the general purpose fee, one of the four realty transfer fees; and b) the one-percent assessment on the selling price of residential property transacted for more than $1 million. P.L.2004, c.66 imposed the general purpose fee 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. As a consequence of this bill, property sellers will pay a diminished amount in realty transfer fees. For example, the legislation lowers the fee liability by $900, or roughly 22 percent, for real property selling at $500,000. For a property selling at $1.2 million, in turn, the liability decreases by $3,260, or about 27 percent. P.L.2004, c.66 also levied a one-percent assessment on the transaction of residential property selling for more than $1 million that the property's buyer has to pay. The assessment's repeal, which also covers farmland if it includes a residential structure, will save a purchaser of a $1.5 million residential property $15,000, for example.

AI Summary

Committee Categories

Paul Kanitra (R)*,  Greg McGuckin (R)*,  Dawn Fantasia (R), 

Introduced, Referred to Assembly Housing Committee (on 01/09/2024)

Official Document