NJ A575

Raises the threshold for imposing a 1% additional fee on real property transfers (residential, commercial, farm property with residential structures, and cooperative units) from $1 million to $2 million in purchase price.

Increases the threshold for the controlling interest transfer tax on commercial property from $1 million to $2 million; this tax applies when purchasing a controlling interest (more than 50%) in an entity that owns classified commercial real property.

Maintains existing exemptions including transfers involving tax-exempt organizations, government entities, intercompany transfers between combined group members, and transfers incidental to corporate mergers where real property value is less than 20% of total assets exchanged.

Takes effect 30 days after enactment.