This bill amends existing laws regarding fees imposed on the transfer of real property in New Jersey. It establishes a fee structure based on the consideration amount for certain classifications of real property, including residential, farm properties with residential structures, cooperative units, and commercial properties. The fee ranges from one percent to three and a half percent depending on the value of the property transferred. Additionally, the bill outlines exemptions from this fee for certain entities, such as those recognized as tax-exempt by the IRS, and for transfers related to corporate mergers or acquisitions under specific conditions. It also mandates the filing of an affidavit of consideration for property transfers, which must be recorded with the deed.

Furthermore, the bill introduces a provision for refunding excess fees paid on property transfers exceeding one million dollars if the deed is recorded by November 15, 2025, and the contract was executed before July 10, 2025. It also imposes a tax on the transfer of controlling interests in entities holding classified real property, with similar fee structures based on the consideration amount. The bill repeals a previous law related to property transfer fees and is set to take effect immediately, applying to transfers occurring on or after July 10, 2025.

Statutes affected:
Introduced: 46:15-7.2, 46:15-7.4, 54:15C-1, 46:15-7.3
Advance Law: 46:15-7.2, 46:15-7.4, 54:15C-1, 46:15-7.3
Pamphlet Law: 46:15-7.2, 46:15-7.4, 54:15C-1, 46:15-7.3