NJ A792

Repeals the supplemental realty transfer fee that has been in effect since July 14, 2003

Eliminates the graduated fee structure that currently charges $0.25 per $500 for selling prices up to $150,000, $0.85 per $500 for prices between $150,000 and $200,000, and $1.40 per $500 for prices exceeding $200,000

Removes the additional $1.00 per $500 fee on new construction properties that are exempt from portion of the basic realty transfer fee

Counties currently retain $0.25 per $500 of the selling price from the supplemental fee, with the remainder going to the State

Takes effect immediately upon enactment