Eliminates tiered fee structure for fees and taxes imposed on property transfers valued over $1 million.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill eliminates a tiered fee structure currently applied to property transfers valued over $1 million in New Jersey. Previously, the amount of the fee varied based on the property’s classification and the consideration paid. The bill establishes a uniform one percent fee for such transfers, with a provision for refunds to be granted for transactions completed before a specific date and under certain contractual terms. It also modifies existing tax laws related to controlling interest transfers in real estate.
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