Terminates imposition of general purpose fee under realty transfer fee and one percent assessment on purchases of residential real property selling for more than $1,000,000.

This bill eliminates two fees on high-value residential real estate transactions: the "general purpose fee" and a one percent assessment on properties selling for more than $1 million. It directly affects sellers (who would no longer pay the general purpose fee) and buyers (who would no longer pay the one percent assessment) of residential properties priced above this threshold. The general purpose fee was calculated in tiers based on property value, with rates ranging from $0.90 to $2.15 per $500 of value, while the one percent assessment applied to the full purchase price over $1 million. For example, a $1.5 million property purchase would save the buyer $15,000 under this bill. The bill would take effect for property transfers occurring on or after the second calendar month following its enactment.