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S3103 • 2026

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.

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.

Budget Housing Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Wimberly, Benjie E.
Last action
2026-06-01
Official status
Referred to Senate Budget and Appropriations Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

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.

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.

What This Bill Does

  • 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.
  • Topic: Budget and Appropriations Fiscal note: This bill has been certified by OLS for a fiscal note.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-06-01 New Jersey Legislature

    Reported from Senate Committee, 2nd Reading

  2. 2026-06-01 New Jersey Legislature

    Referred to Senate Budget and Appropriations Committee

  3. 2026-01-13 New Jersey Legislature

    Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee

Official Summary Text

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.
Topic:
Budget and Appropriations
Fiscal note:
This bill has been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text 
S3103 FISCAL ESTIMATE

LEGISLATIVE FISCAL ESTIMATE

SENATE, No. 3103

STATE OF NEW JERSEY

222nd LEGISLATURE

DATED: JULY 13, 2026

SUMMARY

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.

Type of Impact:

Annual State revenue shift.

Agencies Affected:

Department of the Treasury.

Office of
Legislative Services Estimate

Fiscal Impact

FY 2027

FY 2028

FY 2029

State Revenue Shift from General Fund to New Jersey
Affordable Housing Trust Fund

$266.4 million

$277.5 million

$289.2 million

�

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.�

Section:

Revenue, Finance and Appropriations

Analyst:

Humphrey Akujobi

Assistant Fiscal Analyst

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.).