Exempts senior citizens and blind or disabled persons from certain realty transfer fees.
This bill exempts senior citizens (65+), blind individuals, and disabled persons from specific state fees when buying or selling their primary residence. It waives the State portion of the basic fee and general purpose fee for sales by these individuals and the 1% fee for purchases exceeding $1 million. The exemption applies only to one- or two-family homes owned and occupied by the qualifying seller or buyer, and excludes jointly owned properties where not all owners qualify. Fees saved through these exemptions would be redirected to New Jersey's Affordable Housing Trust Fund. The policy change directly benefits qualifying homeowners in property transactions.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024
Last action Jan 9, 2024
Floor votes
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No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
1
Key actions
0
Committee
0
Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Aging and Human Services Committee
lower
2 primary · 0 co-sponsors
Sponsors
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