Exempts certain transactions of residential property involving senior, blind, and disabled citizens from general purpose fee under realty transfer fee and one percent assessment on real property selling for more than $1,000,000.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill exempts certain real estate transactions involving senior, blind, and disabled citizens from the general purpose fee and one percent assessment on real property sales exceeding $1,000,000. Specifically, the sale of owner-occupied residential properties by these individuals is exempt from the realty transfer fee. Additionally, the bill exempts the purchase of residential property by these same individuals from the one percent assessment. The fees collected from these transactions would be directed to the New Jersey Affordable Housing Trust Fund.
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Sponsors
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1 on record
Primary sponsor
James Holzapfel
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