This bill amends the current fee structure for property transfers valued over $1 million by eliminating the previously established tiered fee system. Under the new provisions, a uniform fee rate of one percent will be imposed on the entire amount of consideration for any transfer of real property exceeding $1 million. This change reverts to the simpler fee structure that was in place prior to the enactment of P.L.2025, c.69, which had introduced a tiered system with varying rates based on the value of the property transferred.

Additionally, the bill allows sellers to apply for a refund of any fees paid that exceed the one percent rate for specific transactions. This refund is applicable to property transfers where the deed is recorded on or before July 1, 2026, and the transfer is made under a contract fully executed before January 1, 2026. The bill aims to streamline the fee process and reduce the financial burden on property sellers in New Jersey.

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