Eliminates supplemental realty transfer fee.
S 444 eliminates a supplemental fee on real estate transfers that was added to New Jersey's existing transfer fee system in 2003. This fee charged buyers based on property value: $0.25 per $500 for sales under $150,000, $0.85 for sales between $150k-$200k, and $1.40 for sales over $200k, with counties keeping $0.25 per $500 and the state receiving the rest. The bill specifically repeals Section 2 of P.L.2003, c.113 (C.46:15-7.1), which also included an extra $1.00 fee per $500 for "new construction" properties. It directly affects homebuyers and sellers in New Jersey who previously paid this supplemental charge on property transfers. The change takes effect immediately upon enactment.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024
Last action Jan 9, 2024
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Full legislative history
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1
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0
Jan 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
upper
1 primary · 1 co-sponsor
Sponsors
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