(Trenton, NJ) March 9, 2026—New Jersey Realtors®, the trade association representing 53,000 Realtors® in the state, is calling for relief from New Jersey’s Graduated Percent Fee on residential housing transactions as Gov. Mikie Sherrill prepares to outline her budget priorities.
This time last year, during the former administration’s budget address, NJ Realtors® became aware of discussions surrounding what would eventually become the Graduated Percent Fee. Since its implementation, the fee has added significant costs to real estate transactions and continues to place additional strain on a housing market already struggling with affordability challenges.
“The Graduated Percent Fee has proven to be onerous for the New Jersey housing market,” said New Jersey Realtors® Chief Executive Officer Doug Tomson. “At a time when affordability remains one of the state’s most pressing challenges, adding additional transaction costs makes it harder for buyers and sellers to participate in the market that so desperately needs participation.”
NJ Realtors® believes the state must take steps to reduce or reform the fee as it applies to residential housing.
“We are hopeful Governor Sherrill will use the budget address as an opportunity to speak to the burden this fee places on everyday New Jerseyans,” Tomson said. “We cannot tax our way to housing affordability. Policies that increase the cost of buying and selling homes ultimately make housing less attainable for the very residents we are trying to help.”
The organization also warned that policies affecting housing transactions often have broader ripple effects across the market.
“The only law we cannot change is the law of unintended consequences, and this policy has already created many,” Tomson said. “When the cost of a transaction rises, it affects buyers and sellers mobility in the housing market, and ultimately housing supply for all price points.”
New Jersey Realtors® looks forward to working with the governor and the Legislature to ensure New Jersey’s housing policies support affordability and market stability.
