Cap includes far fewer exemptions and is half the size of the one put in place by former Governor Jon Corzine
The New Jersey Assembly has approved legislation to cap local property tax increases at two percent. The Senate passed the measure last week and Governor Chris Christie is expected to sign it Tuesday.
The vote was 73 to 4. Assemblyman John Wisniewski is one of the four Democrats who voted against the cap because it does not include exemptions for special education, uncollected tax reserves, and reductions in state aid.
“We are going to be forcing on municipalities drastic changes that we as a legislature are not providing for a way for those municipalities to deal with those changes.”
Republican Assemblyman Domenick DiCicco says the cap is the beginning of property tax reform in New Jersey.
“To make us a more affordable place to live. One where businesses want to come here. One where citizens want to stay here.”
The Assembly and Senate plan hearings throughout the summer on the Governor’s proposed tool-kit legislation that would help municipalities control their costs to meet the tax cap.