Increases threshold for imposition of certain fees and taxes on certain real property transfers from $1 million to $1.5 million, subject to annual adjustment based on Consumer Price Index.

S 3841 increases the threshold for a one percent tax on certain real property transfers from $1 million to $1.5 million, with annual adjustments based on inflation. The tax applies to transfers of commercial properties (classified as Class 4A under New Jersey regulations) and controlling interests in entities owning such properties. The threshold will be adjusted each July 1 based on changes in the Consumer Price Index for the New York City and Philadelphia metropolitan areas. This change will affect fewer property transactions by raising the price point at which the tax applies. The Director of the Division of Taxation will determine and publish the adjusted threshold by May 1 each year.