summary
Introduced
01/27/2016
01/27/2016
In Committee
01/27/2016
01/27/2016
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 imposed in 2003. The supplemental fee had a graduated structure, with a $0.25 fee for each $500 of the selling price up to $150,000, an $0.85 fee for each $500 of the selling price between $150,000 and $200,000, and a $1.40 fee for each $500 of the selling price above $200,000. Counties retained $0.25 of the fee for each $500 of the selling price, with the remainder going to the State. The bill also repeals the additional $1.00 fee for each $500 of the selling price up to $150,000 that was exempt from the basic realty transfer fee for "new construction."
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced, Referred to Assembly Appropriations Committee (on 01/27/2016)
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/A1500/1280_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A1500/1280_I1.PDF |
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