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S 4857

Relates to posting financial disclosure filings for candidates for statewide elected office or candidate for a member of the legislature

2025 Regular Session Introduced by Brad Hoylman-Sigal and 3 co-sponsors

Allows sellers of real estate over $1M to reclaim any transfer fee above 1% for contracts signed before 7/10/2025, retroactive to that date, with a 1-year filing window.

1ST REPORT CAL.826
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Bill Summary · S 4857

Summary — S 4857 (Introduced Version)

Status: COMMITTED TO RULES
Introduced: November 13, 2025 (sponsor: Sen. James Skoufis; cosponsors: Robert Jackson, Brad Hoylman‑Sigal, Rachel May)
Related/companion: A463; prior‑session bills A9084, S7439, S3574

Purpose / Intent

S 4857 would allow sellers (grantors) in certain high‑value real‑property transactions to obtain refunds of transfer fees that exceed one percent of the transaction consideration, when the underlying purchase contract was fully executed before July 10, 2025. The bill removes a current requirement that the deed be recorded by a specific deadline in order for the seller to qualify for the refund.

Key provisions

  • Amends section 2 of P.L.2006, c.33 (C.46:15‑7.4).
  • For transfers of real property made for consideration in excess of $1,000,000 where the transfer was pursuant to a contract fully executed before July 10, 2025:
    • Any additional transfer fee paid in excess of one percent of the consideration (i.e., the portion above 1%) is refundable to the grantor.
    • The refund amount equals the difference between the fee actually paid and one percent of the consideration.
    • A refund claim must be filed with the New Jersey Division of Taxation within one year following the date the deed is recorded.
    • Claimants must submit documentation the Director of the Division of Taxation requires to support the refund.
  • Removes the prior requirement that the deed be recorded on or before November 15, 2025 as a condition for eligibility.
  • Effective immediately and retroactive to July 10, 2025.

Context: how fees are calculated now

Under P.L.2025, c.69, the additional fee on transfers over $1 million is levied on a tiered schedule:
- 1.0% for consideration > $1M up to $2M
- 2.0% for > $2M up to $2.5M
- 2.5% for > $2.5M up to $3M
- 3.0% for > $3M up to $3.5M
- 3.5% for > $3.5M

S 4857 preserves that fee schedule but allows a refund of the portion exceeding 1% for qualifying contracts.

Who is affected

  • Sellers/grantors in transfers of residential, commercial, certain farm properties, and cooperative units where consideration exceeds $1 million and the contract was fully executed before July 10, 2025.
  • The Division of Taxation (administrative role processing refund claims).
  • State revenues may be reduced to the extent refunds are paid (bill contains no fiscal estimate).

Procedural / timeline notes

  • The bill is effective immediately and retroactive to July 10, 2025.
  • Refund claims must be filed within one year after the deed recording date.
  • Status in source: COMMITTED TO RULES. (Note: the provided legislative action dates appear inconsistent with the listed introduction date; the source shows multiple committee and calendar actions in spring–summer 2025.)

Impact considerations

  • Provides a mechanism for eligible sellers to recover amounts paid above the 1% threshold even if their deed is recorded after the previously required November 15, 2025 deadline.
  • Likely reduces net transfer‑fee receipts for affected transactions; administrative workload for the Division of Taxation may increase to process claims.
  • No dollar‑value fiscal estimate is included in the bill text.

Compiled from official sources — confirm details with the bill’s official record.

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