LEGISLATIVE 2.9 CAP PASSES ASSEMBLY PANEL

Legislation to cap property tax increases at 2.9 percent annually was released Friday by an Assembly panel. The bill improves the 4 percent cap that was passed in 2007. The bill would also allow cap banking to permit counties and municipalities to carry forward unused portions of permitted increases for any budget year for three successive years. The bill was released 6-4 by the Assembly Budget Committee and is expected to be heard Monday by the full Assembly.

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