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Christie Signs 2% Cap on New Jersey Property Taxes

New Jersey Governor Chris Christie, whose state has the highest property taxes in the U.S., signed legislation capping annual increases in the levies at 2 percent.

The measure reduces the current 4 percent threshold on real-estate taxes, the prime funding source for schools and local governments, and cuts the number of exemptions to four from 14. Christie, a first-term Republican, said the new limits will affect calendar-year budgets that begin in January 2011.