Governor Christie Signs Tax Cap Compromise
On July 13, 2010, Governor Christie signed a property tax cap into law which states that municipalities cannot increase their property taxes by more than 2.0 percent annually. There would be four limited exceptions to the property tax cap, which include healthcare and pension costs, as well as debt payments. Towns would also be granted leeway under the proposal in the event of an emergency, and voter approval of 51 percent would be required to exceed the cap. For further details, view the text of the bill.The state Legislature will now move forward in considering the 32 other bills included in the Governor’s property tax reform package. REALTORS®, through NJAR® , will continue to urge the Legislature to work with Governor Christie to enact proposals that will not only slow the rate property taxes increase, but eventually lower them.
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