Allocates nondedicated portion of State realty transfer fee collections to municipal property tax relief.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill directs the state to allocate a portion of realty transfer fee collections – specifically the ‘nondedicated’ portion – to municipal property tax relief. It amends existing state laws to ensure that municipalities receive these funds, which are currently generated from fees paid by property buyers. The bill also adjusts the fees associated with these transfers, potentially reducing revenue for the state while providing tax relief to local governments. The bill aims to provide municipalities with additional resources to offset property tax burdens.
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