N.J. Assembly Passes Tax Cap in Deal With Christie
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Assembly lawmakers in New Jersey, the state with the highest property taxes in the U.S., approved a plan endorsed by Governor Chris Christie to cap annual increases in real-estate levies at 2 percent.
The measure, which cleared the Democratic-controlled house 73-4 today, would lower the current restriction from 4 percent and reduce exceptions. The taxes are the prime source of funding for cities, schools and counties.