This bill amends existing law regarding fees and taxes imposed on property transfers valued over $1 million by eliminating the previously established tiered fee structure. Under the current law, fees were calculated based on a range of percentages that increased with the value of the property, with rates varying from one percent to three and one-half percent. The new legislation introduces a uniform fee rate of one percent for any transfer of real property exceeding $1 million, reverting to the simpler structure that was in place prior to the enactment of P.L.2025, c.69.

Additionally, the bill allows sellers to apply for a refund of any fees paid that exceed the new 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 changes aim to simplify the fee structure and provide financial relief to property sellers in New Jersey.

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