New Jersey Assembly Bill A2457

New Jersey 2022-2023 Regular Session

• Introduced: 2/14/22
• Refer: 2/14/22

Caption

Exempts senior citizens and blind or disabled persons from certain realty transfer fees.

Impact

Should this bill be enacted, it is anticipated that it will provide substantial financial relief to senior citizens and disabled individuals by eliminating specific costs associated with property transfer that they would otherwise incur. This move aligns with broader state efforts to support the housing needs of individuals with limited income, especially those who may be looking to downsize or relocate. Additionally, the exemption applies to low and moderate-income housing, ensuring that these protections extend further into the community.

Summary

Assembly Bill A2457 proposes to exempt senior citizens, blind persons, and disabled individuals from certain fees associated with the transfer of real property in New Jersey. This bill specifically targets the state portion of the basic realty transfer fee imposed during property sales, thereby aiming to reduce the financial burden on these vulnerable populations when they conduct transactions involving their homes. The focus of the bill is on owner-occupied one or two-family residential properties, which are commonly inhabited by these groups.

Conclusion

Overall, A2457 represents a legislative effort to advocate for and empower senior citizens, blind people, and disabled persons by alleviating certain financial burdens linked to property transfers. The proposed exemptions are expected to foster better housing accessibility for these groups while creating a legislative pathway to evaluate and balance state funding mechanisms reliant on realty transfer fees.

Contention

One point of notable contention surrounding A2457 is its expected impact on state revenue generated from realty transfer fees. While proponents argue that the legislation supports a crucial demographic in New Jersey, critics may raise concerns about the long-term sustainability of state-funded programs that rely on realty transfer fees, such as environmental and housing funds. Specifically, the legislation states that the expected decrease in revenue will not invoke 'poison pill' provisions that could threaten funding for essential funds like the Shore Protection Fund and the Highlands Protection Fund, which are dependent on consistent fee collections.