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NJ S4757
Bill
Status
10/27/2025
Primary Sponsor
Carmen Amato
Click for details
AI Summary
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Eliminates the tiered fee structure (1% to 3.5% based on property value) for real property transfers over $1 million, replacing it with a flat 1% fee on all such transfers
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Applies to residential, commercial, certain farm properties with residential structures, and cooperative units transferred for more than $1 million
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Reduces the controlling interest transfer tax on sales of entities owning commercial property from the tiered rate structure back to a flat 1% rate
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Allows refunds of fees paid above 1% for transactions where the deed was recorded on or before July 1, 2026, and the contract was fully executed before January 1, 2026
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Takes effect immediately upon enactment and applies to all property transfers or controlling interest sales occurring on or after the enactment date
Legislative Description
Eliminates tiered fee structure for fees and taxes imposed on property transfers valued over $1 million.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
10/27/2025