Lawmakers pass cap on NJ real estate tax

For a long time, New Jersey's historically high property taxes may have deterred people from moving to the state.

With a recent move, legislators may be able to attract new residents and offer some welcome relief to current citizens. Governor Chris Christie signed into law a bill that will institute a 2 percent cap on increases to the state property tax. The cap will allow New Jersey voters to decide on a town-by-town basis if they want to exceed the cap and pay more in favor of providing additional funding for schools and services, reported the Star-Ledger.

"New Jersey families can finally look forward to the kind of real, long-term property tax relief that Trenton has failed to deliver for decades," said Christie.

The governor has long lobbied for a cap, initially pushing for much tougher limits and an amendment to the state constitution. He dropped those demands, instead agreeing to some of their looser exemptions and loopholes called for by Democratic lawmakers, said the paper.

It could be welcome news for anyone interested in moving to the Garden State. New Jersey has the highest property tax in the country, reported the New York Times.


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