Modifies additional fees and taxes on certain real property transfers valued over $1 million; expands fees and taxes to Industrial Property and.
The bill modifies additional fees and taxes on certain real property transfers valued over $1 million. It eliminates the additional fee or controlling interest tax for transfers with consideration between $1 million and $2 million. The bill modifies the tiered fee schedule for transfers with consideration exceeding $2 million. It expands the imposition of fees and taxes to real property classified as Industrial Property and certain Apartments. Exemptions apply for certain transfers, including those involving affordable housing units.
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