New Jersey bill A575 raises the threshold for certain real property transfer fees and taxes from $1 million to $2 million.
New Jersey Assembly Bill A575 modifies the criteria for imposing additional fees and taxes on certain real property transfers. Specifically, the bill raises the threshold for these fees and taxes from a purchase price exceeding $1 million to one exceeding $2 million. This change applies to various categories of real property, including residential, commercial, certain farm properties, and cooperative units. The bill also includes provisions for exemptions, record-keeping, and the collection and administration of these fees and taxes by the Director of the Division of Taxation.
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- Legal Framework
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