LEGISLATIVE 2.9 CAP PASSES LEGISLATURE, CHRISTIE WANTS HIS PROPOSAL HEARD

The New Jersey Senate passed the Democrat’s plan of capping property tax increases at 2.9 percent, while creating a number of exceptions for towns. The current cap is phrased similarly, but is set at 4 percent. This means the bill is ready to be signed into law by Gov. Chris Christie, but he is excepted to order lawmakers back to work through July 7 to hear his proposal. Christie plan would cap increases at 2.5 percent with the only exception being debt service, without voter approval. The Governor wants the 2.5 cap to be a constitutional change, which means voters would vote on the measure and if approved, they would have final say if local lawmakers wanted to go over the cap.