STATE – The Assembly approved Gov. Chris Christie’s revised proposal to cap future property tax increases at two percent per year on Monday. Legislators passed the changes by a 73-4, allowing the bill to become law.
“Thanks to the quick action taken last week by the Senate and today by the Assembly, New Jersey families can finally look forward to the kind of real, long-term property tax relief that Trenton has failed to deliver for decades,” Christie said. “A hard cap of two percent with limited exceptions that puts final authority to exceed the cap in the hands of the people is the substantial and sustainable reform New Jersey needs.”
The cap offers more exceptions than Christie initially wanted to allow, but less than a previous law that limited property tax increases to four percent per year. Municipalities may exceed the cap for debt service, pensions, health care costs and states of emergency. School districts may also exceed the cap if enrollment expands.
“New Jersey residents have for too long been looking for relief, and this plan is a key step in the right direction to answering their plea,” said Assemblyman Peter Barnes (D-Middlesex). “This plan builds on the work and ideas of many of my Assembly Democratic colleagues and provides a framework for further reform that’s needed to benefit taxpayers.”
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