New Jersey plan to cap property taxes taking shape

    The New Jersey Senate plans to vote Thursday on a compromise measure to cap property tax increases at two percent. There’s still uncertainly about when the Assembly might act.

    The New Jersey Senate plans to vote Thursday on a compromise measure to cap property tax increases at two percent. There’s still uncertainly about when the Assembly might act.

    The governor and the Senate president have agreed on the cap that would provide for exclusions for capital expenses, debt service, health care, pensions and emergencies.
    Assembly budget committee chairman Lou Greenwald says there’s no disagreement about what’s on the table, but Democrats are looking for additional reforms.
    “The Assembly is ready to move with this. In fact the Assembly is ready to go further. In some respects, while we’re very proud of what it is, we also recognize that it’s not enough.”

    The Assembly budget committee will hold another hearing on the tax cap, and Democrats plan to meet throughout the summer to discuss the governor’s so called “tool kit” to help municipalities control costs.
    Senate Republican budget officer Tony Bucco says it should not take that long. He says the 33-bill package could be approved in the next few weeks.

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