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NJ S4857
Bill
Status
11/13/2025
Primary Sponsor
Declan O'Scanlon
Click for details
AI Summary
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Removes the November 15, 2025 deed recording deadline for sellers seeking refunds of real property transfer fees paid in excess of 1% of the consideration amount
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Allows refunds for any real property transfer over $1 million where the contract was fully executed before July 10, 2025, regardless of when the deed was recorded
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Refund claims must be filed with the New Jersey Division of Taxation within one year following the deed recording date, with required documentation
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Addresses the tiered fee structure enacted by P.L.2025, c.69, which imposed fees ranging from 1% to 3.5% on transfers over $1 million depending on sale price
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Takes effect immediately and applies retroactively to July 10, 2025
Legislative Description
Permits refund of additional fee paid in excess of one percent of consideration of certain real property transfers if contract was executed prior to July 10, 2025.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
11/13/2025