Allocates nondedicated realty transfer fee collections to municipal property tax relief in New Jersey.

The bill mandates that the nondedicated portion of the State's realty transfer fee collections be allocated to municipalities for property tax relief. It requires the State to distribute to municipalities the State share of the realty transfer fee's "general purpose fee" and the State share of the "basic fee" not earmarked for other purposes. Municipalities must use the received revenue solely to reduce their property tax levies. The bill also allows counties to charge a $0.50 surcharge on each deed recording to offset additional workload costs.

Allocates nondedicated realty transfer fee collections to municipal property tax relief in New Jersey.

The bill mandates that the nondedicated portion of the State's realty transfer fee collections be allocated to municipalities for property tax relief. It requires the State to distribute to municipalities the State share of the realty transfer fee's "general purpose fee" and the State share of the "basic fee" not earmarked for other purposes. Municipalities must use the received revenue solely to reduce their property tax levies. The bill also allows counties to charge a $0.50 surcharge on each deed recording to offset additional workload costs.