Budget Committee releases 2.9% tax cap bill

The Assembly Budget Committee approved a bill that would statutorily cap annual property tax increases at 2.9 percent.

The party line vote was 6-4.

“The existing 4 percent cap has resulted in better controlling property taxes, and this proposal builds upon the success of that measure,” said Assembly John McKeon (D-West Orange), who co-sponsored the bill.  “I am hopeful the Christie administration will work with us on this bill and not insist upon legislation that would cripple the ability of local governments to provide basic services, education and public safety.”

          

 

Budget Committee releases 2.9% tax cap bill