New Jersey Senate President Stephen Sweeney says he will introduce legislation Monday to limit annual property tax increases to 2.9 percent.
The Democrat's proposal differs from Republican Gov. Chris Christie's plan for a constitutional amendment banning local governments from raising annual property tax collections by more than 2.5 percent without voter approval.
Sweeney's measure would impose a statutory cap, down from the current 4 percent cap. He says the 2.9 percent figure closely mirrors inflation, meaning towns could budget based on "realistic cost increases.''
It also would allow "cap banking,'' meaning towns that keep increases below the cap could set-aside the difference for future use should emergencies arise.
Assemblyman Paul Moriarty, D-Turnersville, has introduced a bill in that chamber to lower the 4 percent cap to 2.5 percent.