A major property tax cut passed in the state Assembly 71 to eight Monday night.

The measure would give many New Jersey homeowners a 20 percent property tax cut. It would also restrict future property tax increases to 4 percent a year. Governor Jon Corzine (D-NJ), though, is cautioning that Garden State taxpayers shouldn't expect property tax increases to immediately hold to 4 percent.

The measure is slated for Senate consideration on February 5. Meanwhile, the Assembly is considering other major property tax bills, including the creation of a state financial comptroller and a BRAC-style commission to recommend consolidation.