11/20/2023 0 Comments Conveyance of property formThe 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.
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