https://www.americancityandcounty.com/wp-content/themes/acc_child/assets/images/logo/footer-logo.png
  • Home
  • Co-op Solutions
  • Hybrid Work
  • Commentaries
  • News
  • In-Depth
  • Multimedia
    • Back
    • Podcast
    • Latest videos
    • Product Guides
  • Resources & Events
    • Back
    • Resources
    • Webinars
    • White Papers
    • IWCE 2022
    • How to Contribute
    • Municipal Cost Index – Archive
    • Equipment Watch Page
    • American City & County Awards
  • About Us
    • Back
    • About Us
    • Contact Us
    • Advertise
    • Cookie Policy
    • Privacy Statement
    • Terms of Service
American City and County
  • NEWSLETTER
  • Home
  • Co-op Solutions
  • Hybrid Work
  • Commentaries
  • News
  • In-Depth
  • Multimedia
    • Back
    • Podcasts
    • Latest videos
    • Product Guides
  • Resources/Events
    • Back
    • Webinars
    • White Papers/eBooks
    • IWCE Expo
    • Calendar of Events
    • How to Contribute
    • American City & County Awards
    • Municipal Cost Index
    • Equipment Watch Page
  • About Us
    • Back
    • About Us
    • Contact Us
    • Advertise
    • Cookie Policy
    • Privacy Stament
    • Terms of Service
  • newsletter
  • Administration
  • Economy & Finance
  • Procurement
  • Public Safety
  • Public Works & Utilities
  • Smart Cities & Technology
  • Magazine
acc.com

Economy


New Jersey caps property tax at 2 percent

New Jersey caps property tax at 2 percent

New Jersey has passed a 2 percent cap on property taxes in an effort to bring financial relief to residents who have faced the highest property taxes in the country.
  • Written by American City & County Administrator
  • 14th July 2010

New Jersey has passed a 2 percent cap on property taxes, called “Cap 2.0,” in an effort to bring financial relief to residents who have faced the highest property taxes in the country. However, the new law also gives residents the right to vote to increase their own taxes, if they wish.

The new 2 percent cap replaces a previous 4 percent cap. With Cap 2.0, the property tax levy cannot increase in any year more than 2 percent, with very limited exceptions, such as if residents of a particular community vote to allow an increase above the cap, according to Gov. Chris Christie’s office. “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,” Christie said in a statement. “A hard cap of 2 percent with limited exceptions that puts final authority to exceed the cap in the hands of the people is the substantial and sustainable reform New Jersey needs.”

The new cap also is intended to eliminate the 14 exceptions or waivers, including a catch-all that allows for exceptions not covered in the first 13, which has made the current 4 percent cap almost irrelevant, Christie’s office says. Any waivers of the Cap 2.0 hard cap will be granted by a vote of the people, and a local cap override referendum would be approved by a simple majority vote.

New Jersey property taxes have grown by 70 percent in the last decade, and local government spending has grown by 69 percent, from $26.5 billion in 2001 to approximately $44.7 billion this year. Had a hard cap been in place for the last decade, the governor’s office says, the average family’s property tax bill today would be $5,167, rather than the current $7,281. “Over the years, as property taxes have continued to go up, it has become apparent that Trenton politicians of both political parties have repeatedly failed to fix the system,” Christie said. “Today, we are acting together to ensure that in the years ahead young families won’t be struggling to own a home because they can’t afford the property taxes and that our seniors aren’t forced to move out of state by wild tax increases year after year.”

Read Christie’s statement and review more information on Cap 2.0.

Related Stories

  • Balancing tax relief against tax revenue
Tags: Administration Economy

Most Recent


  • crisis
    Navigating crises with confidence: Five ways strategic plans support crisis response
    Some crises are short-lived, barging through our lives and routines, and before we can get a sense of what’s happened, we’re left dealing with the aftermath. But many crises build slowly, with many early warning signs, and once they’vehit their breaking point, panic and uncertainty overwhelm the ability of leaders to think clearly and mitigate […]
  • cities
    Gallery: Annual index ranks America's top performing cities; most are in the West
    Starting with the pandemic and the economic uncertainty that came along with it, it’s been a difficult few years for cities across the United States. As a testament to the resiliency and commitment of public administrators, American cities continue to thrive—with many of the fastest growing communities located in the West, according to the Milken […]
  • 2022 Crown Communities Award winner: Miami-Dade County Clerk of Courts' jury selection system
    The Miami-Dade County Clerk of Courts is revolutionizing the jury selection process.  In many jurisdictions, jury duty is perceived as an obligatory nuisance. On their appointed day, potential jurors arrive early and stay late. They read books or watch television to pass the time as judges and attorneys make in-person selections from the pool of […]
  • Orlando, FL
    Gallery: Top 10 American cities for seasonal and summer jobs
    With Memorial Day weekend upcoming, Americans everywhere are gearing up for longer days, warmer nights and seasonal summer jobs to begin. A new ranking from WalletHub lists the top cities for summer work based on criteria like employment outlook, availability of summer jobs, median income for part-time workers, affordability, and downtown-friendlinesss. “For some people, especially […]

Leave a comment Cancel reply

-or-

Log in with your American City and County account

Alternatively, post a comment by completing the form below:

Your email address will not be published. Required fields are marked *

Related Content

  • Prioritizing rapid restore leads to stronger ransomware attack recovery
  • Rethinking the ways cities can invest in vital neighborhoods
  • How to innovate and invest on a budget in state and local IT services
  • Treasury Department launches Coronavirus State and Local Fiscal Recovery Funds to deliver $350 billion in funding

White papers


5 reasons why Plan Examiners need Objective Trapeze

30th May 2023

7 Permitting & Licensing Fails Slowing Community Growth

24th May 2023

The Secret Ingredient to Local Government Employee Retention

23rd May 2023
view all

Webinars


How to Centralize and Build a Grants Management Process at your Organization

24th May 2023

Making Permitting Easier: What We’ve Learned Helping America’s Largest Cities Improve Their Permitting Process

16th May 2023

Digital Property Tax Collection: Tales from the Trenches of Modernization

16th May 2023
view all

PODCAST


Young Leaders Episode 4 – Cyril Jefferson – City Councilman, High Point, North Carolina

13th October 2020

Young Leaders Episode 3 – Shannon Hardin – City Council President, Columbus, Ohio

27th July 2020

Young Leaders Episode 2 – Christian Williams – Development Services Planner, Goodyear, Ariz.

1st July 2020
view all

GALLERIES


Gallery: Annual index ranks America’s top performing cities; most are in the West

30th May 2023

Gallery: Top 10 American cities for seasonal and summer jobs

25th May 2023

Gallery: 10 of America’s most affordable cities

9th May 2023
view all

Twitter


AmerCityCounty

Digital government comes with massive benefits — and new considerations, from accessibility to security to customer… twitter.com/i/web/status/1…

31st May 2023
AmerCityCounty

5 reasons why Plan Examiners need Objective Trapeze dlvr.it/Sptl5z

30th May 2023
AmerCityCounty

Navigating crises with confidence: Five ways strategic plans support crisis response dlvr.it/SptVKN

30th May 2023
AmerCityCounty

Gallery: Annual index ranks America’s top performing cities; most are in the West dlvr.it/SpszdK

30th May 2023
AmerCityCounty

2022 Crown Communities Award winner: Miami-Dade County Clerk of Courts’ jury selection system dlvr.it/SphCBk

26th May 2023
AmerCityCounty

Gallery: Top 10 American cities for seasonal and summer jobs dlvr.it/SpdFWy

25th May 2023
AmerCityCounty

How to leverage digital tools to drive innovation in government dlvr.it/Spcktb

25th May 2023
AmerCityCounty

With many cities facing a fiscal cliff as ARPA funding ends, debt ceiling debate continues on Capitol Hill dlvr.it/SpZLph

24th May 2023

Newsletters

Sign up for American City & County’s newsletters to receive regular news and information updates about local governments.

Resale Insights Dashboard

The Resale Insights Dashboard provides model-level data for the entire used equipment market to help you save time and money.

Municipal Cost Index

Updated monthly since 1978, our exclusive Municipal Cost Index shows the effects of inflation on the cost of providing municipal services

Media Kit and Advertising

Want to reach our digital audience? Learn more here.

DISCOVER MORE FROM INFORMA TECH

  • IWCE’s Urgent Communications
  • IWCE Expo

WORKING WITH US

  • About Us
  • Contact Us

FOLLOW American City and County ON SOCIAL

  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookie Policy
  • Terms
Copyright © 2023 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.