Bill Text: NJ A3000 | 2022-2023 | Regular Session | Introduced

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Bill Title: Schedules the termination of the realty transfer fees.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2022-02-28 - Introduced, Referred to Assembly Housing Committee [A3000 Detail]

Download: New_Jersey-2022-A3000-Introduced.html

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ASSEMBLY, No. 3000

STATE OF NEW JERSEY

220th LEGISLATURE

 

INTRODUCED FEBRUARY 28, 2022

 

 

Sponsored by:

Assemblyman  RONALD S. DANCER

District 12 (Burlington, Middlesex, Monmouth and Ocean)

 

 

 

 

SYNOPSIS

     Schedules the termination of the realty transfer fees.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act scheduling the termination of the realty transfer fees, supplementing chapter 15 of Title 46 of the Revised Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    a.  The realty transfer fees imposed by section 3 of P.L.1968, c.49 (C.46:15-7), section 2 of P.L.2003, c.113 (C.46:15-7.1), and section 8 of P.L.2004, c.66 (C.46:15-7.2), shall not apply to transfers recorded by deed on or after July 1, 2022.

     b.    If the State Treasurer determines that the State has realized no less than $300,000,000 of unanticipated and unobligated resources within two consecutive calendar months, relative to anticipated resources for State Fiscal Year 2022 as certified by the Governor pursuant to Article VIII, Section II, paragraph 2 of the New Jersey Constitution, the State Treasurer shall expedite the cessation of collections of the realty transfer fees as authorized pursuant to subsection a. of this section to the first day of the first full calendar month in State Fiscal Year 2022 following the State Treasurer's determination.

 

     2.    Notwithstanding the provision of any law or regulation to the contrary, the enactment of section 1 of P.L.    , c.    (C.        ) (pending before the Legislature as this bill) shall suspend the statutory funding directives associated with the realty transfer fees as to the source of funding and the General Fund shall be deemed available as the source of funding to supplant the revenue from the realty transfer fees.

 

     3.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill authorizes the termination of the realty transfer fees.  The bill schedules the termination for transfers recorded on or after July 1, 2022, but allows an expedited termination if the State realizes $300 million in excess revenues over a two-month period during State fiscal year 2022.  The bill denotes the General Fund as the funding source to be used to supplant the realty transfer fees' statutory funding directives.

     The bill schedules for termination all five tiers of the realty transfer fee, covering the:

     -Basic fee: $1.75 per $500 of consideration;

     -Additional fee: $.75 per $500 of consideration in excess of $150,000;

     -General purpose fee: progressively ranging from $.90 to $2.15 per $500 of consideration;

     -Supplemental fee: progressively ranging from $.25 to $1.40 per $500 of consideration with a $1 add-on per $500 for certain newly constructed properties; and

     -"Million dollar" property fee: 1% of consideration for certain properties exceeding $1,000,000 in value.