This bill amends existing New Jersey law to increase the threshold for imposing certain fees and taxes on real property transfers from $1 million to $1.65 million. Specifically, it affects the additional fee imposed on buyers of various types of real property, including residential, commercial, certain farm properties, and cooperative units, when the purchase price exceeds the new threshold. Additionally, the bill modifies the controlling interest transfer tax, which applies to the sale or transfer of a controlling interest in entities owning classified real property, also raising the threshold from $1 million to $1.65 million. Both fees are calculated at a rate of one percent of the purchase price or value of the transferred property.

The bill includes several provisions that clarify exemptions from these fees, such as transfers to organizations exempt from federal income taxation and transactions incidental to corporate mergers or acquisitions where the assessed value of the transferred property is below a specified percentage of the total assets exchanged. The changes will take effect 30 days after the bill's enactment.

Statutes affected:
Introduced: 46:15-7.2, 54:15C-1