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NJ A916
Bill
Status
1/13/2026
Primary Sponsor
John Azzariti
Click for details
AI Summary
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Raises the threshold for New Jersey's 1% "Mansion Tax" on real property transfers from $1 million to $1.5 million for residential, commercial, farm properties with residential structures, and cooperative units.
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Increases the threshold for the 1% tax on transfers of controlling interests in entities owning commercial property from $1 million to $1.5 million.
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Requires annual inflation adjustments to the threshold beginning July 1 following enactment, based on the Consumer Price Index for the New York City and Philadelphia metropolitan areas.
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Mandates the Director of the Division of Taxation to calculate and publish the adjusted threshold amount on the division's website by May 1 each year.
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Takes effect 30 days after enactment.
Legislative Description
Increases threshold for imposition of certain fees and taxes on certain real property transfers from $1 million to $1.5 million, subject to annual adjustment based on Consumer Price Index.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/13/2026