New Jersey A 687: Eliminates supplemental realty transfer fee.

Bill Text

A687 

ASSEMBLY, No. 687 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblyman GREGORY P. MCGUCKIN

District 10 (Monmouth and Ocean)

Assemblyman PAUL KANITRA

District 10 (Monmouth and Ocean)

SYNOPSIS

���� Eliminates supplemental realty transfer fee.

CURRENT VERSION OF TEXT 

���� Introduced Pending Technical Review by Legislative 
Counsel.

�� 

An Act 
eliminating the supplemental realty transfer fee, amending P.L.1968, c.49 and 
repealing section 2 of P.L.2003, c.113.

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

���� 1.��� Section 1 of P.L.1968, 
c.49 (C.46:15-5) is amended to read as follows:

���� 1.��� As used in this act:

���� (a)�� "Deed" means a 
written instrument entitled to be recorded in the office of a county recording 
officer which purports to convey or transfer title to a freehold interest in 
any lands, tenements or other realty in this State by way of grant or bargain 
and sale thereof from the named grantor to the named grantee.� A leasehold 
interest for 99 years or more or a proprietary lease of a cooperative unit and 
any assignment of a proprietary lease of a cooperative unit, shall be treated 
as a "freehold" for the purpose of this act.� Instruments providing 
for common driveways, for exchanges of easements or rights-of-way, for 
revocable licenses to use, to adjust or to clear defects of or clouds on title, 
to provide for utility service lines such as drainage, sewerage, water, 
electric, telephone or other such service lines, or to quitclaim possible 
outstanding interests, shall not be "deeds" for the purposes of this 
act.

���� (b)�� The terms "county 
recording officer" and "office of the county recording officer" 
mean the register of deeds and mortgages in counties having such an officer and 
office, and the county clerk and his office in the other counties.

���� (c)�� "Consideration" 
means in the case of any deed, the actual amount of money and the monetary 
value of any other thing of value constituting the entire compensation paid or 
to be paid for the transfer of title to the lands, tenements or other realty, 
including the remaining amount of any prior mortgage to which the transfer is 
subject or which is to be assumed and agreed to be paid by the grantee and any 
other lien or encumbrance thereon not paid, satisfied or removed in connection 
with the transfer of title.� The amount of liens for real property taxes, water 
or sewerage charges for the current or any subsequent year, or by way of added 
assessment or other adjustment, as well as of other like liens or encumbrances 
of a current and continuing nature ordinarily adjusted between the parties 
according to the period of ownership shall be excluded as an element in 
determining the consideration, notwithstanding that such amount is to be paid 
by the grantee.

���� In the case of a leasehold 
interest for 99 years or more as defined in subsection (a) of this section, the 
consideration shall be in the amount of the assessed value of the property at 
the date of the transaction for the purpose of levying local real property 
taxes adjusted to reflect the true value in accordance with the county 
percentage level established for the current year.

���� In the case of a proprietary 
lease of a cooperative unit or assignment thereof as defined in subsection (a) 
of this section, the consideration is the total price paid for the ownership 
interest held in conjunction with a cooperative unit, including the pro rata 
amount of any underlying mortgage or other obligation of the cooperative.

���� (d)�� "Blind person" 
means a person whose vision in his better eye with proper correction does not 
exceed 20/200 as measured by the Snellen chart or a person who has a field 
defect in his better eye with proper correction in which the peripheral field 
has contracted to such an extent that the widest diameter of visual field 
subtends an angular distance no greater than 20�.

���� (e)�� "Disabled 
person" means any resident of this State who is permanently and totally 
disabled, unable to engage in gainful employment, and receiving disability 
benefits or any other compensation under any federal or State law.

���� (f)�� "Senior 
citizen" means any resident of this State of the age of 62 years or over.

���� (g)�� "New 
construction" means any conveyance or transfer of property upon which 
there is an entirely new improvement not previously occupied or used for any 
purpose.

���� (h)�� "Low and moderate 
income housing" means any residential premises, or part thereof, 
affordable according to federal Department of Housing and Urban Development or 
other recognized standards for home ownership and rental costs and occupied or 
reserved for occupancy by households with a gross income equal to 80% or less 
of the median gross household income for households of the same size within the 
housing region in whi