Form Citt-1 - Controlling Interest Transfer Tax Page 6
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6“Consideration” means the actual amount of money and the monetary value of any other thing of value
constituting the entire compensation paid or to be paid for the transfer including the remaining amount of any prior
mortgage to which the transfer is subject or which is to be assumed and agreed to be paid by the purchaser;
“Controlling interest” means, in the case of a corporation, more than fifty per cent of the total combined
voting power of all classes of stock of that corporation, and in the case of an entity that is a partnership, association,
trust or other organization more than fifty percent of the beneficial ownership of classified real property of that
partnership, association, trust or other organization.
“Equalized Assessed Value” means the assessed value of the property in the year that the transfer is made
divided by the Director’s equalization ratio which changes each year based on a sales study. It is published annually
on or before October 1 by the Director, Division of Taxation pursuant to N.J.S.A. 54:1-35.1. The resulting amount is
the equalized assessed value. Since assessed value, which is the value on the tax roles, does not change very often,
the calculation is needed to approximate the current fair market value of the property.
“Related parties” means parties that have the relationship necessary for attribution of constructive ownership
of stock pursuant to IRC § 318 and members of an affiliated group or a controlled group pursuant to IRC § 1504 or
IRC § 1563.
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