NJ S4666

Shifts the payment responsibility for additional real property transfer fees from the buyer (grantee) to the seller (grantor) for residential, farm, cooperative, and commercial properties sold for over $1 million

Establishes a tiered fee structure for property transfers exceeding $1 million: 1% for $1-2 million; 2% for $2-2.5 million; 2.5% for $2.5-3 million; 3% for $3-3.5 million; and 3.5% for transfers over $3.5 million

Applies the same tiered tax rates to sales or transfers of controlling interests in entities that possess commercial real property valued over $1 million, with the tax obligation shifting from purchaser to seller

Provides a transition period allowing refunds of fees exceeding 1% for transfers recorded by November 15, 2025, if the contract was fully executed before July 10, 2025

Takes effect immediately and applies to real property transfers and controlling interest sales occurring on or after July 10, 2025