Lawmakers in New Jersey have approved a bill that will limit annual property tax increases to 2%.
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."
FULL STORY: New Jersey Puts 2% Cap on Local Property Taxes
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