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NJ S4728
Bill
Status
10/20/2025
Primary Sponsor
Benjie Wimberly
Click for details
AI Summary
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50% of revenues from additional fees on real property transfers exceeding $1 million would be redirected annually to the New Jersey Affordable Housing Trust Fund
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Applies to the additional fee imposed on sellers of residential, commercial, farm property, and cooperative units with sale prices over $1 million
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Also applies to the controlling interest transfer tax on non-deed transfers of commercial property where consideration exceeds $1 million
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Currently, all revenues from these fees and taxes go to the General Fund; this bill would split that revenue
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Takes effect on July 1 following enactment
Legislative Description
Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
10/20/2025