This bill amends the current fee structure for property transfers valued over $1 million by eliminating the previously established tiered fee system, which imposed varying rates from one percent to three and one-half percent based on the property's value. Instead, the bill introduces a uniform fee rate of one percent for any transfer of real property exceeding $1 million. Additionally, it allows sellers to apply for a refund of any fees paid that exceed this one percent rate for specific transactions, particularly those where the deed was recorded on or before July 1, 2026, and were executed under a contract fully signed before January 1, 2026.

The bill also modifies existing legal language regarding the imposition of fees and taxes on property transfers and controlling interest transfers. It specifies that the fee will be collected by the county recording officer at the time of recording and remitted to the State Treasurer for deposit into the General Fund. The changes aim to simplify the fee structure and provide financial relief to sellers involved in high-value property transactions.

Statutes affected:
Introduced: 46:15-7.2, 46:15-7.4, 54:15C-1