Gov. Christie lays out property tax plan

During a town hall meeting today in Hoboken, Gov. Chris Christie (R-N.J.) says he wants a referendum placed on the November ballot to cap property taxes.

If the referendum passes, it would be written in the state's constitution that taxes cannot be raised by more than 2.5 percent, unless voters vote for it.

Last week, Christie unveiled a package of 33 bills to cap state spending and reduce property taxes.

Democratic lawmakers are pushing for a proposal to raise income taxes on millionaires for one year to give relief to senior citizens. Christie has said he'll veto any tax increase.

The town hall meeting was a bipartisan, but "invitation-only" event. Christie says he plans on holding more town hall meetings around the state.

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