The New Jersey Senate last week passed a cap limiting annual property tax increases to 2%. Assembly Speaker Sheila Oliver, D-Essex and Passaic, said the Assembly will vote to approve the plan on Monday.
“We know that the residents of this state want to see tighter restraints put on their property taxes, but we also know our work is far from finished,” Oliver said in a press release.
“This will be a strong step, but concerns about how schools will fit the costs of special education services so vital to many children are among the many areas that will need to addressed going forward,” she said.
Senate Republican Leader Tom Kean, R-Essex, Morris, Somerset, and Union, said the cap would help make the state more affordable for residents and businesses.
“New Jersey residents will finally have some predictability and control when it comes to their property tax bill,” Kean said in a press release. “Giving voters a choice will help prevent another family from moving out or another business from closing due to rapidly escalating property taxes.”
The Senate vote followed a compromise between Gov. Chris Christie and Senate President Stephen Sweeney, D-Gloucester, Cumberland, and Salem, announced days earlier after the Senate passed a 2.9% cap.
A spokesman for Christie said the governor plans to sign the bill if it is not changed from its current form. The measure would allow local governments to override the cap through popular vote. It also reduces the number of waivers to four from 14 under the current cap of 4%.
The waivers include exceptions for capital expenditures and debt service, pension benefits, health benefits, and expenses related to a state of emergency.