New Jersey Increases Certain Real Estate Transfer Taxes

The New Jersey Governor signed a law concerning additional fees and taxes on certain transfers of real property for over $1 million. The law includes: 1) increasing the amount of additional taxes and fees imposed on certain transfers of real property for over $2 million in consideration; and 2) providing that the seller, rather than the buyer, is responsible for the payment of both the additional fee and the controlling interest transfer tax imposed on certain transfers of real property valued at over $1 million. The law took effect on June 30, and applies to transfers of real property or ...