New Jersey Assembly Bill A5048

New Jersey 2022-2023 Regular Session

• Introduced: 1/12/23
• Refer: 1/12/23

Caption

Exempts certain surviving spouses and surviving civil union partners of certain disabled veterans from components of the realty transfer fee.

Impact

This amendment will allow these surviving spouses and civil partners, upon the sale of one- or two-family residential homes, to be free from the state portion of the basic and supplemental realty transfer fees. Besides providing necessary financial relief, this change acknowledges the sacrifices made by veterans during their service and the subsequent burdens borne by their survivors. It reflects an effort to promote fairness and equity in state laws regarding property transactions, as similar exemptions were already available for certain demographics.

Summary

Assembly Bill A5048 seeks to provide an exemption from certain components of the realty transfer fee for surviving spouses and civil union partners of disabled veterans who were entirely disabled during active military service at the time of their death. The bill is a response to the challenges faced by these individuals, aiming to reduce the financial burden associated with real estate transactions during a difficult period of widowhood or partner loss. Specifically, it alters existing legislation to extend the exemption benefits that were previously limited to senior citizens and individuals with disabilities to include the surviving spouses or civil partners of eligible veterans.

Contention

While the bill generally enjoys support for its intentions, concerns may arise regarding its implications for local economies and real estate markets. Critics could argue that granting these exemptions may lead to further reductions in state revenue from transfer fees, potentially affecting public services and funding mechanisms reliant on these funds. Additionally, the definition of who qualifies as a eligible veteran and the administrative processes necessary to verify eligibility may also be points of discussion in future legislative meetings.