NEW JERSEY RESIDENTS APPROVE OF CAP DEAL, PREFER HARD CAP

gov_christieGov. Chris Christie signed a legislative two percent cap into law on Tuesday. Property tax increases will no longer be able to extend past two percent without voter approval, unless it meets one of four exemptions, which includes:

  • Capital expenditures and pay required debt service 
  • Pension benefits
  • Health benefits
  • Expenses incurred in connection with a state of emergency as determined by regulations to be defined.
  • A new Monmouth University poll shows that state residents approve of the deal reached by Gov. Chris Christie with the legislature, but they much prefer a hard cap to the one that was signed into law. Only 35% of New Jerseyans say they favor this type of cap versus 45% who oppose it.  By comparison, a majority of 54% favor a hard 2.5% cap like the one the governor originally proposed, with 31% opposed to it.

    The poll also found that only 49% believe it is at least somewhat likely that the state will enact significant property tax reforms in the next few years.  This number is nominally higher than the 42% who said the same five months ago.  However, only 10% are confident that such reforms are very likely to happen.

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