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| Home > Statutes > USA New Jersey |
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USA Statutes : new_jersey
Title : TITLE 46 PROPERTY
Chapter : 46:15-10.
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46:15-10. Exemptions from realty transfer fee.
6. The fee imposed by this act shall not apply to a deed:
(a) For a consideration, as defined in section 1(c), of less than $100.00;
(b) By or to the United States of America, this State, or any instrumentality, agency, or subdivision thereof;
(c) Solely in order to provide or release security for a debt or obligation;
(d) Which confirms or corrects a deed previously recorded;
(e) On a sale for delinquent taxes or assessments;
(f) On partition;
(g) By a receiver, trustee in bankruptcy or liquidation, or assignee for the benefit of creditors;
(h) Eligible to be recorded as an ~ancient deed~ pursuant to R.S.46:16-7;
(i) Acknowledged or proved on or before July 3, 1968;
(j) Between husband and wife, or parent and child;
(k) Conveying a cemetery lot or plot;
(l) In specific performance of a final judgment;
(m) Releasing a right of reversion;
(n) Previously recorded in another county and full realty transfer fee paid or accounted for, as evidenced by written instrument, attested by the grantee and acknowledged by the county recording officer of the county of such prior recording, specifying the county, book, page, date of prior recording, and amount of realty transfer fee previously paid;
(o) By an executor or administrator of a decedent to a devisee or heir to effect distribution of the decedent@s estate in accordance with the provisions of the decedent@s will or the intestate laws of this State;
(p) Recorded within 90 days following the entry of a divorce decree which dissolves the marriage between the grantor and grantee;
(q) Issued by a cooperative corporation, as part of a conversion of all of the assets of the cooperative corporation into a condominium, to a shareholder upon the surrender by the shareholder of all of the shareholder@s stock in the cooperative corporation and the proprietary lease entitling the shareholder to exclusive occupancy of a portion of the property owned by the corporation.
L.1968,c.49,s.6; amended 1974, c.184, s.4; 1979, c.293; 1985, c.17; 1999, c.357.
46:15-10.1 Partial fee exemptions.
4. a. The following transfers of title to real property shall be exempt from payment of the State portion of the basic fee:
(1) The sale of any one- or two-family residential premises which are owned and occupied by a senior citizen, blind person or disabled person who is the seller in such transaction; provided, however, that except in the instance of a husband and wife no exemption shall be allowed if the property being sold is jointly owned and one or more of the owners is not a senior citizen, blind person or disabled person.
(2) The sale of low and moderate income housing.
b. Transfers of title to real property upon which there is new construction shall be exempt from payment, with respect to all consideration therefor up to $150,000.00, of 80% of the State portion of the basic fee.
c. (1) The director shall promulgate rules, regulations and forms of certification or otherwise necessary to carry out the provisions of this section.
(2) No transfer shall be eligible for more than one exemption under this section.
d. The balance of the State portion of the basic fee and the additional fee collected on transfers subject to exemption under subsection b. of this section shall be remitted to the State Treasurer and shall be credited to the Neighborhood Preservation Nonlapsing Revolving Fund established pursuant to P.L.1985, c.222 (C.52:27D-301 et al.), to be spent in the manner established under section 20 thereof (C.52:27D-320).
e. Subsections a. through d. of this section shall be without effect on and after the tenth day following a certification by the Director of the Division of Budget and Accounting in the Department of the Treasury pursuant to subsection b. of section 2 of P.L.1992, c.148 (C.46:15-10.2).
L.1975,c.176,s.4; amended 1985, c.225, s.4; 1992, c.148, s.5; 2003, c.113, s.4; 2004, c.66, s.6.
46:15-10.2 Required provisions of annual appropriations act.
2. a. The annual appropriations act for each State fiscal year shall, without other conditions, limitations or restrictions on the following:
(1) credit amounts paid to the State Treasurer, if any, in payment of fees collected pursuant to paragraph (1) or paragraph (2) of subsection a. of section 3 of P.L.1968, c.49 (C.46:15-7) to the ~Shore Protection Fund~ created pursuant to section 1 of P.L.1992, c.148 (C.13:19-16.1), the Neighborhood Preservation Nonlapsing Revolving Fund established pursuant to section 20 of P.L.1985, c.222 (C.52:27D-320), and the ~Highlands Protection Fund~ created pursuant to section 21 of P.L.2004, c.120 (C.13:20-19), pursuant to the requirements of section 4 of P.L.1968, c.49 (C.46:15-8);
(2) appropriate the balance of the ~Shore Protection Fund~ created pursuant to section 1 of P.L.1992, c.148 (C.13:19-16.1), for the purposes of that fund;
(3) appropriate the balance of the Neighborhood Preservation Nonlapsing Revolving Fund established pursuant to section 20 of P.L.1985, c.222 (C.52:27D-320), for the purposes of that fund; and
(4) appropriate the balance of the ~Highlands Protection Fund~ created pursuant to section 21 of P.L.2004, c.120 (C.13:20-19), for the purposes of that fund.
b. If the requirements of subsection a. of this section are not met on the effective date of an annual appropriations act for the State fiscal year, or if an amendment or supplement to an annual appropriations act for the State fiscal year should violate any of the requirements of subsection a. of this section, the Director of the Division of Budget and Accounting in the Department of the Treasury shall, not later than five days after the enactment of the annual appropriations act, or an amendment or supplement thereto, that violates any of the requirements of subsection a. of this section, certify to the Director of the Division of Taxation that the requirements of subsection a. of this section have not been met.
L.1992,c.148,s.2; amended 2004, c.66, s.7; 2004, c.120, s.62.
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