New Jersey A916 raises the threshold for certain real property transfer fees and taxes from $1 million to $1.5 million, with annual inflation.

New Jersey A916 amends existing laws to increase the threshold for certain real property transfer fees and taxes from $1 million to $1.5 million. This change applies to various types of property transactions, including residential, commercial, certain farm properties, and cooperative units. The bill also introduces an annual adjustment mechanism for the threshold amount, based on the Consumer Price Index for the New York City and Philadelphia metropolitan areas.

New Jersey A916 raises the threshold for certain real property transfer fees and taxes from $1 million to $1.5 million, with annual inflation.

New Jersey A916 amends existing laws to increase the threshold for certain real property transfer fees and taxes from $1 million to $1.5 million. This change applies to various types of property transactions, including residential, commercial, certain farm properties, and cooperative units. The bill also introduces an annual adjustment mechanism for the threshold amount, based on the Consumer Price Index for the New York City and Philadelphia metropolitan areas.