New Jersey § 46:15-10

§ 46:15-10.

a. The following transfers of title to real property shall be exempt from payment

of the State portion of the basic fee: (1) The sale of any one-or two-family residential premises which are owned and occupied

by a senior citizen, blind person or disabled person who is the seller in such transaction;

provided, however, that except in the instance of a husband and wife no exemption

shall be allowed if the property being sold is jointly owned and one or more of the

owners is not a senior citizen, blind person or disabled person. (2) The sale of low and moderate income housing. b. Transfers of title to real property upon which there is new construction shall

be exempt from payment, with respect to all consideration therefor up to $150,000.00,

of 80% of the State portion of the basic fee. c. (1) The director shall promulgate rules, regulations and forms of certification

otherwise necessary to carry out the provisions of this section. (2) No transfer shall be eligible for more than one exemption under this section. d. The balance of the State portion of the basic fee and the additional fee collected

on transfers subject to exemption under subsection b. of this section shall be remitted

to the State Treasurer and shall be credited to the Neighborhood Preservation Nonlapsing

Revolving Fund established pursuant to P.L.1985, c. 222 ( C.52:27D-301 et al.), to be spent in the manner established under section 20 thereof ( C.52:27D-320 ). e. Subsections a. through d. of this section shall be without effect on and after

the tenth day following a certification by the Director of the Division of Budget

and Accounting in the Department of the Treasury pursuant to subsection b. of section

2 of P.L.1992, c. 148 ( C.46:15-10.2 ) or subsubparagraph (ii) of subparagraph (b) of paragraph (2) of subsection b. of section

1 of P.L.1992, c. 148 ( C.13:19-16.1 ) as amended .