If passed, A792 would amend the current fee structure laid out in P.L.1968, c.49 and would result in a significant change in how real estate transactions are financially handled in New Jersey. Many argue that the removal of this fee could promote more active participation in the housing market, potentially benefiting both buyers and sellers. Homeowners who are looking to sell may find it easier to do so without the presence of this fee impacting their overall sale proceeds.
Summary
Assembly Bill A792 proposes the elimination of the supplemental realty transfer fee that was established under P.L.2003, c.113, which has been in effect since July 14, 2003. This fee is a tiered charge based on the selling price of real estate, collecting varying amounts for each $500 of the sale price. The proposed bill aims to alleviate the financial burden on homeowners involved in property sales by removing this additional cost associated with realty transactions.
Contention
There could be contention surrounding the fiscal implications of repealing this fee, notably in terms of state revenue. Opponents of eliminating the fee may express concerns about the reduction of funds that would typically support state and county budgets derived from real estate transactions. Consequently, discussions may arise about how the state will compensate for the loss of this revenue and the potential implications for local services funded through these fees.
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.
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.
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.
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.
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.