The Senate approved the property tax cap last week in a compromise move with Gov. Chris Christie, who had proposed a public referendum
Assembly Speaker Sheila Oliver (D-Essex) (left) shakes Gov. Chris Christie's hand before he addresses a joint session of the Senate and Assembly in the Statehouse in Trenton earlier this month.TRENTON — Members of the New Jersey Assembly are expected to vote on a plan to impose a 2 percent cap on property tax increases today. The measure was approved by the state Senate last week.
The bill would reduce the state's current 4 percent cap on yearly increases and reduce the number of exemptions for certain types of spending increases that towns and schools can use to exceed the cap.
The plan is part of a compromise brokered by Republican Gov. Chris Christie and Democratic Senate President Steve Sweeney (D-Gloucester).
Christie originally proposed a constitutional amendment for a 2.5 percent cap that contained almost no exemptions.
The Legislature instead passed a 2.9 percent cap that Christie said gave local governments too much latitude to raise taxes.
New Jersey has the nation's highest property taxes.
Related coverage:
• After months of debate, N.J. Senate passes 2 percent property tax cap in less than an hour
• N.J. local officials worry about fate of 2 percent property tax cap 'tool kit'
• N.J. mayors tell Assembly panel 2 percent property tax cap will burden towns
• N.J. Assembly Speaker announces official support for 2 percent property tax cap
• Gov. Christie pushes Democratic lawmakers to pass bills coping with property tax cap
• N.J. lawmakers' plan for 2 percent property tax cap inches closer to reality
• Gov. Christie issues conditional veto of property tax bill in deal with N.J. Dems
Related video:
| N.J. Senate debates 2 percent property tax cap |