Bill > S3309

Introduced Session

This bill reduces the amount of the additional fees and taxes imposed on certain transfers of real property for consideration in excess of $1 million. Currently, an additional fee is imposed on the seller of various categories of real property, including residential property, commercial property, certain farm property, and cooperative units, for consideration in excess of $1 million, as recited on the deed. The State also imposes a controlling interest transfer tax on certain non-deed transfers of commercial property that are not subject to this additional fee. The controlling interest transfer tax is imposed on the seller of a controlling interest in an entity that directly or indirectly owns certain commercial property, provided that the consideration paid to acquire the interest exceeds $1 million. In July 2025, the State enacted P.L.2025, c.69 to provide that the amount of the additional fee and a controlling interest transfer tax is to be imposed according to a tiered structure with rates ranging from one percent to three and one-half percent based on the value of the property transferred. This bill eliminates the tiered fee structure established under P.L.2025, c.69 and imposes a uniform fee rate of one percent for any transfer of real property in excess of $1 million, which rate was imposed before the enactment of P.L.2025, c.69. The bill also allows certain sellers to apply to the Director of the Division of Taxation for a refund of additional fee amounts paid in excess of one percent for certain transactions. Specifically, this refund would be permitted for any property transfer in which the deed was recorded on or before July 1, 2026, and which was transferred pursuant to a contract that was fully executed before January 1, 2026.

AI Summary

Committee Categories

Carmen Amato (R)*,  Kristin Corrado (R), 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 02/05/2026)

Official Document