Stephen Sweeney, state's top Democrat, pushes plan as alternative to Gov. Christie's 2.5 cap
Senate President Stephen Sweeney (D-Gloucester) during a press conference in May at the State House .TRENTON — The state's top Democrat on Monday will introduce a proposal to limit annual property tax increases to 2.9 percent.
The plan by state Senate President Stephen Sweeney (D-Gloucester) is an alternative to one pushed by Republican Gov. Chris Christie. Christie wants a constitutional amendment banning local governments from hiking annual property tax collections by more than 2.5 percent without voter approval.
Sweeney would instead impose a statutory cap of 2.9 percent, down from the current 4 percent. He would allow towns to "bank" unused levies from year to year to encourage solid financial planning.
He also said the 2.9 percent figure closely mirrors inflation.
"Certainly, New Jersey needs a solid cap, but it has to be a realistic cap based on realistic numbers," Sweeney said in a prepared statement.
It was not immediately clear from Sweeney's statement whether his cap would make exceptions for circumstances like rising health care costs or a cut in state aid. Christie has criticized the exemptions in the current 4 percent cap as he pushes for a stricter limit.
Sweeney said the current cap has made progress, with last year's average increase falling to 3.3 percent from about 7 percent prior to the cap law.
Previous coverage:
• Gov. Christie says property tax cap could force N.J. town, school district mergers
• Massachusetts shows implications of Gov. Christie's proposed 2.5 percent property tax cap
• Think tank says Christie's property tax cap would hurt N.J. education, public services
• Complete coverage of the 2010 New Jersey State Budget
| Gov. Christie hopes Cap 2.5 will force town consolidation |