Eliminates supplemental realty transfer fee and one percent fee on transfers of certain commercial real estate and tax on sale of controlling interests in certain commercial real property.

This bill eliminates three real estate transfer fees in New Jersey: a supplemental fee on residential property transactions (created in 2003), a one percent fee on commercial property transfers over $1 million, and a tax on controlling interests in commercial real estate. It directly affects sellers of residential properties (excluding those who qualify as senior citizens, blind, or disabled) and buyers/sellers of commercial properties valued above $1 million. The supplemental fee was a graduated charge based on property value, while the one percent fee applied specifically to commercial transactions exceeding $1 million. Repealing these fees reduces transaction costs, with a $2 million commercial property transaction saving $20,000. The bill takes effect immediately upon enactment.