Increases threshold for imposition of certain fees and taxes on certain real property transfers from $1 million to $1.5 million, subject to annual adjustment based on Consumer Price Index.

This bill increases the threshold for a one percent tax on certain real estate transfers in New Jersey from $1 million to $1.5 million, with future adjustments based on inflation. The tax currently applies to residential, commercial, and certain farm properties when sold for more than $1 million, as well as to transfers of controlling interests in entities owning commercial property. The threshold will be adjusted annually using the Consumer Price Index for New York City and Philadelphia metropolitan areas, as defined by the U.S. Department of Labor. The Director of the Division of Taxation will determine and publish the adjusted threshold by May 1 each year.