NJ A3405

Eliminates three realty transfer fees enacted between 2003-2004: the supplemental fee (graduated fee on non-exempt property sales), the general purpose fee (graduated fee on non-exempt properties exceeding $350,000), and the "mansion" fee (1% of purchase price on residential properties over $1,000,000)

Retains the basic fee ($1.25 State portion and $0.50 county portion per $500 of consideration) and the additional fee ($0.75 per $500 of consideration over $150,000) that existed prior to the eliminated fees

Reduces transfer costs for property transactions; the statement notes that current total transfer fees on a $750,000 home sale are $6,775, nearly double the $3,525 cost from fiscal year 2003

Repeals sections of law establishing the supplemental fee (P.L.2003, c.113), general purpose fee (P.L.2004, c.66), and mansion fee (P.L.2005, c.19)

Takes effect immediately upon enactment