Modifies additional fees and taxes imposed on certain real property transfers valued over $1 million; expands imposition of fees and taxes to real property classified Industrial Property and certain Apartments.

This bill imposes an additional fee on the transfer of real property in New Jersey valued over $1 million, expanding the tax to include industrial properties and apartments that were previously exempt. The fee is calculated as a percentage of the sale price, ranging from one percent for properties between $2 million and $2.5 million up to two and a half percent for those between $3.5 million and $3.5 million. Exemptions apply to transfers involving tax-exempt organizations, certain corporate mergers, intercompany transfers, and apartment buildings where at least 10 percent of the units are designated as affordable housing. The fee is collected by county recording officers when deeds are recorded and sent to the state treasurer within ten days of the month of collection.