NJ Senate ready to advance 2% tax cap

An agreement was reached during a special session in Trenton this weekend.

The agreement called for a 2 percent property tax cap at the local level, lower than either the governor wanted or the assembly had offered.

Gov. Chris Christie and Senate President Steve Sweeney reached a deal that is intended to limit property increases in New Jersey. The agreement, if it becomes law would limit local tax hikes to 2 percent a year.

If a town or school feels the need for property taxes to be raised higher, voters must approve.

Christie had asked for a constitutional cap at 2.5 percent with no exceptions. Assembly Speaker Shelia Oliver has not signed onto the deal, and says that she will not stand in the way.

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