N.J. tax cap could be years from taking hold
STATE HOUSE BUREAU
STATE HOUSE BUREAU
A new law limits local property tax increases to 2 percent annually, but taxpayers shouldn't expect their bills to start coming in under the cap any time soon — possibly for several years.
The 2 percent property tax cap rushed into law this month by Governor Christie and state Senate President Steve Sweeney, D-Gloucester, won't apply at all to this year's property tax bills, and many questions remain admittedly unanswered when it comes to figuring how the new cap will work when it does go into effect for next year's budgets.
"I think I have to straight-out tell people there's going to be a transition period," Christie told The Record's editorial board on Thursday.
And Sweeney, at Tuesday's bill-signing ceremony for the tax-cap measure in Hamilton, reminded reporters "the work is not done."
For that reason, Christie and Sweeney are linking the cap to a series of proposed reforms designed to help the local governments deal with the major expenses that
AMANDA BROWN/THE STAR-LEDGER
Governor Christie signing the 2 percent property tax cap law last week.
"I think I have to straight-out tell people there's going to be a transition period," Christie told The Record's editorial board on Thursday.
And Sweeney, at Tuesday's bill-signing ceremony for the tax-cap measure in Hamilton, reminded reporters "the work is not done."
For that reason, Christie and Sweeney are linking the cap to a series of proposed reforms designed to help the local governments deal with the major expenses that