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Prorates taxes using the ratio method, the monthly basis method
described in Truth-in-Lending (Regulation Z) and the Real Estate
Settlement Procedures Act (RESPA) and prorates mortgage interest.
Prorate
Taxes
For a second year in a row the New Jersey
Legislature has raised the Realty Transfer Fee. The new law (Senate
Bill No.3115) is effective August 1, 2004. The FREE
software tool below calculates the Realty Transfer Fee on standard
transactions, on "new construction", transactions by senior citizens,
blind persons, disabled persons, and on property that is qualified as low and
moderate income housing.
The software can be downloaded here:
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.27 MB |
New Jersey Realty
Transfer Fee Software |
This software is FREE;
it requires no passcode and is not hindered or crippled in anyway.
A press release
announcing the new Realty
Transfer Fee Rates and Procedures is located here. Effective
immediately, but applies to deeds evidencing transfers of real
property that occur on or after August 1, 2004, the Realty Transfer Fee rates on standard transactions and on
"new
construction" must be calculated as follows:
TOTAL
CONSIDERATION NOT IN EXCESS OF $350,000
- $2.00 / $500 of consideration not in
excess of $150,000
- $3.35 / $500 of consideration in excess
of $150,000 but not in excess of $200,000
- $3.90 / $500 of consideration in excess
of $200,000 but not in excess of $350,000
TOTAL CONSIDERATION IN EXCESS OF
$350,000
- $2.90 / $500 of consideration not in
excess of $150,000
- $4.25 / $500 of consideration in excess
of $150,000 but not in excess of $200,000
- $4.80 / $500 of consideration in excess
of $200,000 but not in excess of $550,000
- $5.30 / $500 of consideration in excess
of $550,000 but not in excess of $850,000
- $5.80 / $500 of consideration in excess
of $850,000 but not in excess of $1,000,000
- $6.05 / $500 of consideration in excess
of $1,000,000.
The Realty Transfer Fee by senior citizens (62 and old), blind
persons, disabled persons, and on property that is qualified as low or
moderate income housing (collectively, the "Special Group") must be
calculated as follows:
TOTAL CONSIDERATION NOT IN EXCESS OF
$350,000
- $0.50 / $500 of consideration not in
excess of $150,000
- $1.25 / $500 of consideration in excess
of $150,000 but not in excess of $350,000
TOTAL CONSIDERATION IN EXCESS OF
$350,000
- $1.40 / $500 of consideration not in
excess of $150,000
- $2.15 / $500 of consideration in excess
of $150,000 but not in excess of $550,000
- $2.65 / $500 of consideration in excess
of $550,000 but not in excess of $850,000
- $3.15 / $500 of consideration in excess
of $850,000 but not in excess of $1,000,000
- $3.40 / $500 of consideration in excess
of $1,000,000.
We ask that if you like this software,
that you add the following link to your website:
Closing
Software
Streamline preparation and
printing of HUD-1, HUD-1A RESPA Settlement Statements.
Real Estate Closing
Software
will help you manage client information and cut your form preparation
time to a minimum.
 We can have you working
with the software the day it's ordered!
You can download the software from this website or we can e-mail you
the software to get you started immediately. If you
order today, the CD, packaging and our 70+ page manual would arrive in
2-3 days by UPS.
Technical support and updates are FREE
within the first year from the date of purchase. We have a
friendly and courteous staff that can assist you with any technical
support issue that might arise.
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Software
