Eliminates tiered fee structure for fees and taxes imposed on property transfers valued over $1 million.

This bill eliminates New Jersey's tiered fee structure for property transfers valued over $1 million, replacing it with a flat 1% fee on the entire sale price. It directly affects sellers (grantors) of residential, farm, cooperative, and commercial properties exceeding $1 million in value, reducing fees for properties above $2 million (e.g., lowering from 3% to 1% on a $3 million transfer). The bill maintains existing exemptions for tax-exempt organizations, corporate mergers, and intercompany transfers, while requiring the fee to be collected by county recording officers and deposited into the General Fund. This change simplifies the fee calculation but lowers costs for high-value property transactions.