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NJ S2562
Bill
Status
1/13/2026
Primary Sponsor
Declan O'Scanlon
Click for details
AI Summary
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Allows sellers of real property sold for over $1 million to claim refunds for transfer fees paid in excess of 1% of the consideration, provided the contract was fully executed before July 10, 2025
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Removes the existing requirement that the deed must be recorded on or before November 15, 2025 to qualify for the refund
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Refund claims must be filed with the New Jersey Division of Taxation within one year of the deed recording date, with required documentation
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Addresses the tiered fee structure enacted by P.L.2025, c.69, which charges 1% to 3.5% on property transfers over $1 million based on sale price brackets
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Takes effect immediately and applies retroactively to July 10, 2025
Legislative Description
Permits refund of additional fee paid in excess of one percent of consideration of certain real property transfers if contract was executed prior to July 10, 2025.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/13/2026