NJ passes property tax cap

New Jersey Governor Christopher Christie signed into law yesterday the state’s smallest budget in five years, enacting various financial reforms including one that would heavily impact homeowners, according to the New York Times. Christie, against the will of fellow lawmakers, wants to impose a 2.5 percent annual limit on local property tax increases, through a constitutional amendment which requires voter approval. To put the measure on the November ballot, the legislative
committee would have to approve it next week, and the full Assembly and Senate would need to do so by July. Yesterday, the Legislature passed a counter-proposal, setting a 2.9 percent limit, without changing the constitution. “We’ve been very clear we’re not going to pass a constitutional amendment, for the simple reason that it hasn’t worked where they’ve done it,” said Stephen Sweeney, the Senate president and the author of the legislative plan. “We’re willing to compromise, but the governor hasn’t shown that willingness.” [NYT]