This bill amends existing laws regarding fees imposed on the transfer of real property in New Jersey. It establishes a tiered 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 being transferred. Additionally, the bill outlines exemptions from this fee for certain entities, such as tax-exempt organizations and transfers related to corporate mergers or acquisitions, provided specific conditions are met. It also mandates the filing of an affidavit of consideration for property transfers that include classified properties.

Furthermore, the bill introduces a provision for refunding excess fees paid on property transfers exceeding one million dollars, recorded before November 15, 2025, and executed under contracts finalized before July 10, 2025. It also imposes a tax on the transfer of controlling interests in entities owning classified real property, with similar fee structures and exemptions. 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