NJ A6142

Eliminates the tiered fee structure (ranging from 1% to 3.5%) on real property transfers exceeding $1 million, replacing it with a flat 1% fee on all such transfers

Applies to residential, commercial, farm properties with residential structures, and cooperative units transferred for consideration over $1 million

Reduces the controlling interest transfer tax on commercial property entities from the tiered rates (1%-3.5%) to a uniform 1% rate

Extends refund eligibility for fees paid above 1% to property transfers with deeds recorded on or before July 1, 2026, pursuant to contracts fully executed before January 1, 2026

Takes effect immediately upon enactment and applies to all real property or controlling interest transfers occurring on or after the effective date