Bill > A575

Introduced Session

This bill increases the threshold for the imposition of an additional fee on certain real property transfers from $1 million to $2 million. Currently, an additional fee is imposed on the buyer of various categories of real property, including residential property, commercial property, certain farm property and cooperative units, when the purchase price exceeds $1 million, recited in the deed. Additionally, the State also imposes a controlling interest transfer tax on certain transfers of commercial property that are not subject to this additional fee. The controlling interest transfer tax is imposed on the purchaser of a controlling interest in an entity that directly or indirectly owns certain commercial property, provided that the purchase price or value of the property exceeds $1 million. In both cases, the additional fee and controlling interest transfer tax are imposed in an amount equal to one percent of the purchase price, or value, of the transferred property. This bill increases the threshold for imposition of the additional fee and the controlling interest transfer tax from considerations in excess of $1,000,000 to considerations in excess of $2,000,000. The changes made by this bill would take effect on the 30th day following enactment.

AI Summary

Committee Categories

Bob Auth (R)*,  John Azzariti (R),  Antwan McClellan (R),  Gregory Myhre (R),  Erik Simonsen (R), 

Introduced, Referred to Assembly Housing Committee (on 01/13/2026)

Official Document