summary
Introduced
01/25/2018
01/25/2018
In Committee
01/25/2018
01/25/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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 higher rate for higher-priced properties. 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." With the passage of this bill, the supplemental fee will no longer be collected, simplifying the realty transfer fee structure.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/25/2018)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/S1500/1258_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S1500/1258_I1.PDF |
Loading...