NJ
New Jersey Assembly Bill A4839

New Jersey 2024-2025 Regular Session

New Jersey Assembly Bill A4839

Introduced
9/23/24  

Caption

Increases threshold from $1 million to $1.65 million for imposition of certain fees and taxes on certain real property transfers.

Impact

The implementation of A4839 will notably impact the state's revenue system by adjusting the fee structure associated with significant property transactions. By increasing the threshold, it is expected that fewer property transfers will incur additional taxes, potentially encouraging real estate activity in the state. However, this may also decrease the funds directed to the state’s general budget that are generated from these taxes, which are essential for public services and infrastructure.

Summary

Bill A4839 introduces an amendment to the tax code concerning real property transfers in New Jersey. Specifically, it raises the threshold for imposing certain fees and taxes on property transfers from $1 million to $1.65 million. The bill applies to various categories of properties, including residential, commercial, and certain farm properties, as well as cooperative units. The changes aim to reduce the tax burden on property buyers as real estate prices have significantly increased over recent years.

Contention

Debate surrounding A4839 may arise primarily from its implications for local governments and affordability. While proponents argue that such a change is necessary to assist buyers in today's inflated market, critics could raise concerns that the legislation ultimately favors wealthier individuals and corporations, leaving state and local governments with reduced funding opportunities for community services. Additionally, there may be discussions about the potential for increased property speculation as a result of this shift in tax codes.

Latest A4839 Activity

Companion Bills

No companion bills found.

Similar Bills

NJ A4961

Increases threshold for imposition of certain fees and taxes on certain real property transfers from $1 million to $1.5 million, subject to annual adjustment based on Consumer Price Index.

NJ S3841

Increases threshold for imposition of certain fees and taxes on certain real property transfers from $1 million to $1.5 million, subject to annual adjustment based on Consumer Price Index.

NJ A200

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NJ A106

Eliminates supplemental realty transfer fee and one percent fee on transfers of certain commercial real estate and tax on sale of controlling interests in certain commercial real property.

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NJ A2456

Terminates imposition of general purpose fee under realty transfer fee and one percent assessment on purchases of residential real property selling for more than $1,000,000.

NJ S443

Exempts certain transactions of residential property involving senior, blind, and disabled citizens from general purpose fee under realty transfer fee and one percent assessment on real property selling for more than $1,000,000.

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Exempts certain transactions of residential property involving senior, blind, and disabled citizens from general purpose fee under realty transfer fee and one percent assessment on real property selling for more than $1,000,000.