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NJ S3309
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Carmen Amato
Click for details
AI Summary
- Eliminates the tiered fee structure for property transfer fees and taxes on transactions valued over $1 million in New Jersey, replacing rates that ranged from 1% to 3.5% with a uniform 1% rate
- Applies to residential property, commercial property, certain farm property, cooperative units, and controlling interest transfers in entities owning commercial real estate
- Provides refunds for fees paid above 1% on transactions where the deed was recorded on or before July 1, 2026, and the contract was fully executed before January 1, 2026
- Reverses changes made by P.L.2025, c.69 (enacted July 2025), which had established the tiered rate structure based on property value
- Takes effect immediately and applies to property transfers occurring on or after the date of enactment
Legislative Description
Eliminates tiered fee structure for fees and taxes imposed on property transfers valued over $1 million.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
2/5/2026
Committee Referrals
Community and Urban Affairs2/5/2026
Full Bill Text
No bill text available