Terminates imposition of general purpose fee under realty transfer fee and one percent assessment on purchases of residential real property selling for more than $1,000,000.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill eliminates a general purpose fee and a one percent assessment on purchases of residential real property selling for more than $1,000,000. Currently, sellers of such property paid a fee based on the sale price, and buyers paid an additional assessment. This legislation amends existing laws (P.L.1968, c.49 and P.L.2004, c.66) to remove these fees, simplifying the realty transfer process for high-value residential transactions.
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