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 any transfer of real property exceeding this threshold. The bill also includes specific provisions for refunds, allowing sellers to apply for a refund of any additional fees paid that exceed the one percent rate, provided the deed was recorded on or before July 1, 2026, and the transfer was executed under a contract before January 1, 2026.

The changes made by this bill revert to a simpler fee structure that was in place prior to the enactment of P.L.2025, c.69, which had introduced a more complex tiered system with varying rates based on the value of the property transferred. The bill aims to streamline the process and reduce the financial burden on sellers of high-value properties by standardizing the fee to a single percentage rate.

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