Exempts senior, blind, and disabled citizens from certain realty transfer fees on residential property sales.
New Jersey S443 exempts senior, blind, and disabled citizens from the general purpose fee and the one percent assessment on real property sales exceeding $1,000,000. The general purpose fee, part of the realty transfer fee, applies to non-exempt real property sales of $350,000 or more. The one percent assessment is imposed on residential and commercial property sales over $1,000,000. This bill aims to reduce the financial burden on these vulnerable groups during property transactions.
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