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Read. Follow. Verify.New Jersey Bill A685 Eliminates General Purpose Fee and 1% Residential Property Assessment
Last action · January 13, 2026: Introduced, Referred to Assembly Housing CommitteeSponsors: McGuckin, Gregory P. and 2 others
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What This Bill Would Do
This bill eliminates the general purpose fee under the and the one-percent assessment on purchases of residential real property selling for more than $1,000,000. It applies to transfers of real property occurring on or after the first day of the second calendar month following enactment.
Property sellers and buyers involved in high-value real estate transactions will experience decreased closing costs and lower fee liabilities upon recording deeds.
- The general purpose fee under the realty transfer fee and the residential property assessment were originally established by legislation enacted in 2004 (P.L.2004, c.66). context
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
real property sellers
purchasers of residential real property exceeding $1,000,000
Purchasers are exempt from paying the one percent assessment on residential property purchases over $1 million.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
Which specific fees does Assembly Bill 685 eliminate?
Does the bill eliminate the one-percent fee for commercial properties?
When does this legislation take effect if enacted?
What else do you want to know?
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Procedural history
1 action- Jan 13, 2026HouseIntroducedIntroduced, Referred to Assembly Housing Committee
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Repeal of High-Value Residential Property Assessment
The bill dismantles specific additional transfer taxes instituted by prior legislation in 2004, marking a shift in state real property transaction taxation.
Connected Entities
Sources
njleg.state.nj.us
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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