NJ A687

Repeals the supplemental realty transfer fee established in 2003 (P.L.2003, c.113) that applies to real property sales in New Jersey

The current supplemental fee structure being eliminated is: $0.25 per $500 of selling price up to $150,000; $0.85 per $500 from $150,001-$200,000; and $1.40 per $500 above $200,000

Counties currently retain $0.25 per $500 of the selling price from the supplemental fee, with the remainder going to the State

Removes an additional $1.00 per $500 fee on new construction properties (selling price up to $150,000) that are exempt from the basic transfer fee

Amends the definitions in existing realty transfer law to remove references to the "supplemental fee" and takes effect immediately upon enactment