On June 30, Governor Phil Murphy signed Bill A5804 into law, amending N.J.S.A. § 46:15-7.2-7.4; N.J.S.A. § 54:15C-1, and introducing significant changes to New Jersey’s realty transfer tax structure. These changes — effective...more
The latest budget passed by the New Jersey legislature and signed by term-limited Governor Phil Murphy quietly enacted changes to New Jersey’s Mansion Tax, which affects not only residential properties but commercial...more
On Tuesday, July 1, Governor Phil Murphy signed into law Senate Bill S4666/Assembly Bill A5804 (collectively, the Bill), which impacts certain transfers of real property. The Bill amends the existing fees imposed on certain...more
In his final budget address, Governor Phil Murphy is proposing a $58.05 billion plan, with a strong emphasis on preserving funding for critical priorities while cutting spending on various programs. The address underscores...more
After a tumultuous week of drafting and negotiations on State Street, Governor Phil Murphy has signed into law the Fiscal Year 2024 New Jersey Appropriations Act, formalizing the State’s budget for the upcoming fiscal year....more
On February 22, 2021, New Jersey Governor Phil Murphy signed into law new legislation (A1135/S357) that clarifies and preserves the statutory property tax-exemption historically afforded to nonprofit hospitals under N.J.S.A....more
On May 28, 2020, New Jersey Governor Phil Murphy signed legislation that fixes July 1, 2020 as the deadline for filing 2020 real property tax appeals. The stated reason for adopting the law was to account for the inability to...more