Loading chat...
NJ A2852
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Brian Rumpf
Click for details
AI Summary
- Eliminates the tiered fee structure for property transfer fees and taxes on transactions exceeding $1 million, replacing rates that ranged from 1% to 3.5% with a uniform 1% rate
- Applies to residential property, commercial property, certain farm property with residential buildings, and cooperative units transferred for consideration over $1 million
- Reduces the controlling interest transfer tax on sales of controlling interests in entities owning commercial property from the tiered structure back to a flat 1% rate
- Allows refunds for fees paid above 1% on transfers where the deed was recorded on or before July 1, 2026, if the contract was fully executed before January 1, 2026
- Takes effect immediately upon enactment and applies to property transfers or controlling interest sales occurring on or after that date
Legislative Description
Eliminates tiered fee structure for fees and taxes imposed on property transfers valued over $1 million.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/13/2026
Committee Referrals
Housing1/13/2026
Full Bill Text
No bill text available