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NJ A4961
Bill
Status
10/21/2024
Primary Sponsor
John Azzariti
Click for details
AI Summary
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Raises the "Mansion Tax" threshold from $1 million to $1.5 million for the additional 1% fee imposed on real property transfers, including residential, commercial, certain farm properties, and cooperative units
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Increases the threshold for the 1% tax on transfers of controlling interests in entities owning commercial property from $1 million to $1.5 million
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Requires annual inflation adjustments to the threshold beginning July 1 following enactment, based on the Consumer Price Index for urban consumers in the New York City and Philadelphia metropolitan areas
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Mandates the Director of the Division of Taxation to calculate and publish the adjusted threshold amount on the division's website by May 1 of each year
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Takes effect 30 days after enactment
Legislative Description
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.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
10/21/2024