N.J. Admin. Code § 18:16A-1.1
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Beneficial ownership" means ownership of tangible or intangible property by a person or entity that does not have legal title to the property but has ultimate control of the property in regard to the transfer of a controlling interest in class 4A commercial real property between that person or entity and a separate legal entity.
"Classified real property" means commercial property as defined in 18:12-2.2(e) that is income-producing real property other than property classified as vacant land, residential property, farm property, industrial properties and apartments designed for the use of five or more families including residential cooperatives and mutual housing corporations.
"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, with respect to entities:
1. In the case of a corporation, more than 50 percent of the total combined voting power of all classes of stock of that corporation; or
2. In the case of an entity that is a partnership, association, trust or other organization, more than 50 percent of the beneficial ownership of that partnership, association, trust or other organization.
With respect to classified real property, "controlling interest" means more than 50 percent of the fee simple ownership of the classified real property.
"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. The resulting amount is the equalized assessed value. The Director's equalization ratio is published annually on or before October 1 by the Director, Division of Taxation pursuant to 54:1-35.1. Since assessed value, which is the value on the tax rolls, does not change 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.
N.J. Admin. Code § 18:16A-1.1
See: 41 N.J.R. 3789(a), 42 N.J.R. 84(a).
In definition "Beneficial ownership", inserted "in regard to the transfer of a controlling interest in class 4A commercial real property between that person or entity and a separate legal entity".