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NJ A685
Bill
Status
1/13/2026
Primary Sponsor
Gregory McGuckin
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AI Summary
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Eliminates the "general purpose fee" component of New Jersey's realty transfer fee, which currently applies to non-exempt property sales of $350,000 or more at graduated rates from $0.90 to $2.15 per $500 of consideration
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Repeals the 1% assessment on residential property purchases exceeding $1,000,000, which is currently paid by the buyer and also applies to farmland with residential structures
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Reduces realty transfer fee liability by approximately 22% for a $500,000 property sale (saving $900) and approximately 27% for a $1.2 million property sale (saving $3,260)
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Maintains the basic fee (consisting of State and county portions) and the additional fee on consideration exceeding $150,000, while redirecting additional fee proceeds to the New Jersey Affordable Housing Trust Fund
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Takes effect on the first day of the second calendar month following enactment
Legislative Description
Terminates imposition of general purpose fee under realty transfer fee and one percent assessment on purchases of residential real property selling for more than $1,000,000.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/13/2026