New Jersey A1217 eliminates the supplemental realty transfer fee, a one percent fee on transfers of certain commercial real estate, and a tax on the.
New Jersey A1217 repeals the supplemental realty transfer fee, which saved sellers of certain properties varying amounts depending on the property's value and whether it was new or existing construction. The bill also eliminates a one percent fee on transfers of commercial real estate priced over $1 million and a tax on the sale of controlling interests in certain commercial real property. These changes aim to lower the cost of property transactions and support the real estate market by removing layers of fees added during a real estate boom.
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