This bill revises the fee and tax structure for the transfer of real properties valued over $1 million, specifically expanding its application to include Class 4B Industrial Property and Class 4C Apartments. It eliminates the additional fee for sellers when the consideration in the deed is between $1 million and $2 million. The new tiered fee schedule establishes specific percentages for transfers based on their value: one percent for transfers over $2 million but not exceeding $2.5 million, one and one-half percent for transfers over $2.5 million but not exceeding $3 million, two percent for transfers over $3 million but not exceeding $3.5 million, and two and one-half percent for transfers exceeding $3.5 million.

Furthermore, the bill introduces exemptions for transfers of Class 4C Apartments that include at least 10 percent affordable housing units, defined as housing for households earning no more than 80 percent of the regional median income. It also imposes the controlling interest tax on sellers of entities owning the specified properties. The changes aim to streamline the tax process for real property transfers and promote the development of affordable housing. The provisions will take effect for transfers occurring on or after the first day of the fourth month following the bill's enactment.

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