New Jersey Caps Property Tax Increases

Lawmakers in New Jersey have approved a bill that will limit annual property tax increases to 2%.
July 14, 2010, 10am PDT | Nate Berg
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The bill does allow towns and cities to exceed the limitation if voters approve.

"The new law includes exceptions for certain kinds of expenses, and also allows voters in each town or school district to exceed the limit and tax themselves more, leaving it unclear what the effective ceiling will be.

At a time when Trenton has little good news to offer, the final vote by the Assembly on Monday, 73 to 4, was a political victory for Gov. Chris Christie, a Republican, and for lawmakers of both parties, allowing them to go back to restive voters and claim a popular move."

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Published on Monday, July 12, 2010 in The New York Times
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