The CITT is only imposed if the real property is classified as "4A Commercial" and if the consideration or other valuation of the real property is greater than $1,000,000. The CITT is a one percent fee on the transfer of a controlling interest in an entity that directly or indirectly owns certain real property. 54:15C-1 imposes the controlling interest transfer tax (CITT) on the buyer. RTF-1EE is the Affidavit of Consideration for Use by Buyers and must be annexed to every deed for consideration over $1,000,000 and with every commercial property transfer. Information on the exemptions is in Box (2)(B) of the Form RTF-1EE. New Jersey recognizes certain exemptions from the supplemental fee. This additional fee applies to all deeds where the land conveyed is classified as follows: Class 2 residential Class 3A where the property is a farm (but only if the farmland contains a building or structure intended or suited for residential use) Class 4A commercial (other than industrial or apartment) and Class 4C cooperative units. While the seller pays the RTF, the buyer pays this supplemental fee of one percent of the consideration recited in the deed. 46:15-7.2 imposes a fee on the recording of the deed for the sale of real property when the consideration paid is more than $1,000,000. RTF-4 Filing of Protest of Realty Transfer Fee AssessmentĪdditional Fee on Certain Transfers of Real Property Over $1,000,000Īs a supplemental fee to the RTF, N.J.S.A.RTF-3 Claim for Refund of Realty Transfer Fee.The RTF-8 is not an exemption from the RTF. This affidavit lists the name of any other mortgagees and other holders of encumbrances and the current balance of all prior mortgages, liens, or encumbrances constituting consideration. RTF-8 When an application is made to the sheriff of any county for the sale of any real property, whether under execution or pursuant to any writ, judgment or order, a completed Affidavit of Consideration for Sheriff's Deeds (RTF-8) must be supplied to the sheriff.The instructions to the RTF-1 list the full and partial exemptions from the RTF. RTF-1 Sellers must file the Affidavit of Consideration (RTF-1) with any deed in which they claim a full or partial exemption from the RTF.Notice Regarding Purchases of Mixed Class Properties.Realty Transfer Fee Questions, Answers, and Exemption Information.The RTF applies to every conveyance of title to real property in New Jersey, unless the deed or transfer meets an exemption as provided under law The RTF is calculated based on the amount of consideration recited in the deed or, in certain instances, the assessed valuation of the property conveyed, divided by the Director's Ratio. ![]() The State imposes a Realty Transfer Fee (RTF) on the seller of real property for recording a deed for the sale. A-3128 Claim for Refund of Estimated Gross Income Tax Payment Required on the Sale of Real Property Located in New Jersey.GIT/REP-4A Waiver of Seller's Filing Requirement of GIT/REP Forms and Payment for Corrected Deed With No Consideration.GIT/REP-4 Waiver of Seller's Filing Requirement of GIT/REP Forms and Payment.GIT/REP-3 Seller's Residency Certification/Exemption.GIT/REP-2 Nonresident Seller's Tax Prepayment Receipt.GIT/REP-1 Nonresident Seller's Tax Declaration.FAQ on GIT Forms Requirements for Sale/Transfer of Real Property in New Jersey.TB-57(R) Estimated Gross Income Tax Payment Requirements on Sales of New Jersey Real Property by Nonresidents.However, New Jersey recognizes certain exemptions and allows for a waiver of the estimated tax payment requirement, if appropriate, on Forms GIT/REP-3 and GIT/REP-4. ![]() The nonresident must remit the payment to the Division of Taxation before or at the closing and file the estimated gross income tax form, whether or not they have a gain on the sale or transfer. 54A:8-8 through 8-10 require that nonresident sellers, transferors, and grantors, pay estimated gross income tax in the amount of 2% of the consideration paid on their sale of real property in New Jersey. GIT/REP: Estimated Gross Income Tax Payment Requirement for Nonresident Sellers of Real Property in New Jersey This page provides links for assistance with regard to the GIT/REP, Realty Transfer Fee (RTF), Controlling Interest Transfer Tax (CITT), and Bulk Sales. ![]() When buying, selling, or transferring real property in New Jersey, taxpayers should be aware of certain taxes, fees, and/or procedures that may arise in connection with the transaction.
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