Both the State Senate and the Assembly of the State of New Jersey have now approved a law capping property tax increases in the Garden State at 2 percent.
This fulfills an important campaign pledge of Governor Chris Christie.
Today, Governor Christie issued the following statement:
"Thanks to the quick action taken last week by the Senate and today by the Assembly, New Jersey families can finally look forward to the kind of real, long-term property tax relief that Trenton has failed to deliver for decades.
"A hard cap of 2 percent with limited exceptions that puts final authority to exceed the cap in the hands of the people is the substantial and sustainable reform New Jersey needs. I thank Senate President Steve Sweeney, Minority Leader Tom Kean, Assembly Speaker Sheila Oliver and Minority Leader Alex DeCroce for taking action and passing this bill; and I look forward to continuing to work with each of them and members of both parties in the legislature to enact the necessary tool kit reforms to control costs and empower local governments to effectively manage under this new cap."