LEGISLATIVE FISCAL ESTIMATE
SENATE, No. 3103
STATE OF NEW JERSEY
222nd LEGISLATURE
DATED: JULY 13, 2026
SUMMARY
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Synopsis: |
Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund. |
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Type of Impact: |
Annual State revenue shift. |
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Agencies Affected: |
Department of the Treasury. |
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Office of Legislative Services Estimate |
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Fiscal Impact |
FY 2027 |
FY 2028 |
FY 2029 |
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State Revenue Shift from General Fund to New Jersey Affordable Housing Trust Fund |
$266.4 million |
$277.5 million |
$289.2 million |
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· The Office of Legislative Services (OLS) estimates that the bill would result in an annual shift of State revenue from the General Fund to the Affordable Housing Trust Fund. The estimated revenue shift would be $266.4 million in FY 2027, $277.5 million in FY 2028, and $289.2 million in FY 2029.
BILL DESCRIPTION
This bill dedicates 50 percent of the revenues generated from the additional taxes and fees imposed on certain transfers of real property for over $1 million to the New Jersey Affordable Housing Trust Fund. The Affordable Housing Trust Fund is the repository of all State funds appropriated for affordable housing purposes; the funding is utilized to provide municipalities, for-profit and non-profit developers with financial assistance to spur the development of affordable housing across the state.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS estimates that the bill would result in an annual shift of State revenue from the General Fund to the Affordable Housing Trust Fund. The estimated revenue shift would be $266.4 million in FY 2027, $277.5 million in FY 2028, and $289.2 million in FY 2029. The bill dedicates 50 percent of the revenues generated from the additional taxes and fees imposed on certain transfers of real property for over $1 million, also known as the graduated percent fee. The graduated percent fee is estimated to generate $455.3 million in State revenue in FY 2026 and $532.7 million in FY 2027.
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Section: |
Revenue, Finance and Appropriations |
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Analyst: |
Assistant Fiscal Analyst |
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Approved: |
Thomas Koenig Legislative Budget and Finance Officer |
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).