TRENTON — New Jersey Senate President Stephen Sweeney plans to introduce a bill today that would cap property tax increases at 2.9 percent. The Democrat's proposal differs from Republican Gov. Chris Christie's constitutional amendment that would ban towns from raising property tax collections by more than 2.5 percent without voter approval. Sweeney's cap wouldn't need voter approval. Sweeney's measure...
Stephen Sweeney is seen in this 2010 photo.TRENTON — New Jersey Senate President Stephen Sweeney plans to introduce a bill today that would cap property tax increases at 2.9 percent.
The Democrat's proposal differs from Republican Gov. Chris Christie's constitutional amendment that would ban towns from raising property tax collections by more than 2.5 percent without voter approval.
Sweeney's cap wouldn't need voter approval.
Sweeney's measure would reduce the cap from the current rate of 4 percent.
Towns that keep increases below the cap could set-aside the difference for future use should emergencies arise.
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