New Jersey Senate Bill S99

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

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

Impact

The introduction of SB 99 is likely to have a notable impact on state laws concerning property transfers. By allowing exemptions from realty transfer fees, the bill aligns with efforts to support disabled veterans and their families. The legislative change may lead to an increase in housing market activity among these groups, as the financial relief from transfer fees could encourage them to sell properties without the added burden of these costs. Additionally, it amends existing provisions that currently do not afford similar exemptions to surviving spouses unless they meet specific age or disability criteria, thereby broadening the eligibility for financial relief.

Summary

Senate Bill 99 proposes a significant modification to the realty transfer fee structure in New Jersey, specifically aimed at providing financial relief to surviving spouses and civil union partners of veterans who were deemed 100% disabled due to their active service in wartime. The bill amends existing legislation to allow these surviving spouses/partners to exempt themselves from both the basic and supplemental components of the realty transfer fees when selling their one- or two-family homes, provided they do so during their period of widowhood or widowerhood. This legislative adjustment acknowledges the sacrifices made by military families and aims to reduce the financial burdens these individuals face after the loss of their partners.

Contention

Discussions surrounding SB 99 may evoke varied opinions from different stakeholders. Proponents of the bill argue that it is a necessary step to support military families in their time of need, acknowledging the unique hardships they endure. However, there may also be critiques regarding the financial implications of these exemptions on local and state revenue flows, as realty transfer fees contribute to public funding. Critics might express concerns about the broader implications of such exemptions on the housing market and the potential unequal benefits conferred upon certain demographic groups. Ensuring that such policies are sustainable and equitable continues to be a point of consideration in legislative discussions.