summary
Introduced
01/12/2016
01/12/2016
In Committee
01/12/2016
01/12/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 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 that was imposed in 2003. The supplemental fee had a graduated structure, with a higher rate for properties with a selling price over $150,000 and $200,000. Counties retained a portion of the fee, while the state received the remainder, including an additional $1 fee for properties under $150,000 that were considered "new construction." This bill repeals the supplemental fee section of the law, effectively removing this additional charge on real estate transactions.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/12/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/S0500/212_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S0500/212_I1.PDF |
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