Assembly Deputy Speaker John F. McKeon today introduced legislation for a statutory cap of 2.9 percent on annual property tax increases. The measure (A-3605) fine tunes the existing 4 percent cap with modifications including allowing cap banking of any portion of the permitted increase that is not used by a county or municipality in any budget year. McKeon (D-Essex) issued the following statement:
“The previous legislation of a 4 percent cap has resulted in better control on property taxes as intended. The current proposal builds upon the success of that measure. By allowing cap banking, governing bodies will not be penalized for efficiency, thus enabling the bar to be set even higher, at a 2.9 percent cap. I am hopeful the Christie administration will work with this model and not insist upon a law that will devastate our ability to provide basic services to our citizenry.”
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