Over the past decade, property taxes in New Jersey have grown by 70% and local municipal spending has grown by 69%. Seniors have been struggling to keep their homes, young couples have refrained from buying homes, and middle income families have struggled to make ends meet – all because of property taxes.
On July 3, 2010 Governor Christie reached a bipartisan consensus with Legislative leaders to provide long-awaited property tax relief for beleaguered New Jerseyans through a hard cap of 2 %. This 2% cap delivers long overdue relief that cannot be rendered meaningless by politicians. By putting the people first and giving them the ultimate say, New Jersey is finally taming the property tax beast. No longer will Trenton bureaucrats decide property taxes. Any waivers of the 2.0 hard cap will be granted by a vote of the people, not the bureaucrats of the Local Finance Board. A local cap override referendum would be approved by a simple majority vote.