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

This bill eliminates the tiered fee structure for property transfer fees and taxes on transactions over $1 million, replacing it with a flat 1% rate for all such transfers. It affects sellers of residential, commercial, farm, and cooperative properties valued above $1 million, as well as sellers of controlling interests in entities owning commercial property. The bill also creates a refund process for certain transactions recorded by July 1, 2026, where the contract was executed before January 1, 2026, allowing sellers to recover excess fees paid under the previous tiered system (which charged up to 3.5% for higher-value properties). This change applies to both standard property transfers and controlling interest transfers governed by existing laws.