The New Jersey Senate passed a bill Tuesday aimed to cut property taxes by 20 percent for households earning up to $100,000 a year.

The tax cut bill passed by a 28-10 margin. The legislation had stalled in the Senate Monday night, three votes short of approval. Some Senate leaders still have their doubts about the bill and would have liked to have a funding formula in place before approving the reform.

The measure also caps future property tax increases at 4 percent. However, towns can seek exceptions. The bill will go to Governor Corzine (D-NJ), who is expected to sign it, for final approval.

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