Modifies payer of additional fees and taxes imposed on certain real property transfers; modifies fees and taxes imposed on property transfers valued over $2 million.

This bill changes who pays New Jersey's property transfer fees and taxes by shifting responsibility from buyers to sellers for certain real estate transactions exceeding $1 million in value. It increases tax rates for property transfers valued over $2 million, with rates ranging from 2% to 3.5% based on the transfer amount (2% for $2M-$2.5M, 2.5% for $2.5M-$3M, 3% for $3M-$3.5M, and 3.5% for over $3.5M). The bill affects residential, commercial, farm, and cooperative property transfers, and creates a refund process for sellers who paid excess fees on transactions contracted before July 10, 2025 and recorded before November 15, 2025. These changes apply to property transfers occurring on or after July 10, 2025.