Governor Chris Christie announced a bipartisan consensus with Senate leaders to provide long-awaited property tax relief for beleaguered New Jerseyans through an even stronger cap of 2 percent. This agreement will give voters the ultimate decision making authority in whether or not the cap should be exceeded. There are four exemptions to the rule:
- 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.
The agreement is between Christie and Senate leaders. Assembly Speaker Sheila Oliver has yet to say whether she will support the proposal.