summary
Introduced
02/08/2018
02/08/2018
In Committee
02/08/2018
02/08/2018
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 has a graduated structure, ranging from $0.25 to $1.40 per $500 of the selling price, with counties retaining a portion and the state receiving the remainder. The bill also removes references to the supplemental fee from the existing law, which outlines the requirements for recording a deed, including providing information about the true consideration and any exemptions. The bill takes effect immediately upon passage.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly Housing and Community Development Committee (on 02/08/2018)
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/2018/Bills/A3500/3014_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/A3500/3014_I1.PDF |
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