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NJ A790
Bill
Status
1/9/2024
Primary Sponsor
Gregory McGuckin
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AI Summary
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Eliminates the "general purpose fee" component of New Jersey's realty transfer fee, which currently applies to property sales of $350,000 or more at graduated rates ranging from $0.90 to $2.15 per $500 of consideration
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Repeals the 1% assessment on buyers of residential properties (including cooperative units and farmland with residential structures) sold for more than $1,000,000
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Retains the 1% fee only for commercial properties (Class 4A) sold for more than $1,000,000
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Reduces seller fee liability by approximately 22-27% depending on sale price (e.g., $900 savings on a $500,000 property, $3,260 savings on a $1.2 million property)
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Redirects additional fee revenue from the former Neighborhood Preservation Nonlapsing Revolving Fund to the New Jersey Affordable Housing Trust Fund
Legislative Description
Terminates imposition of general purpose fee under realty transfer fee and one percent assessment on purchases of residential real property selling for more than $1,000,000.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/9/2024