Christie Says Damage Costs From Sandy Outside Tax Cap
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New Jersey Governor Chris Christie said property owners in areas devastated by Superstorm Sandy may face higher tax bills, as local governments exceed his 2 percent cap on annual increases to cover rebuilding costs.
The state may release a preliminary tally of the damage and revenue effects as soon as Nov. 16, Christie, 50, said today in a Statehouse news briefing. He said municipalities will be able to get federal aid to cover some rebuilding costs, and said the property-tax increase cap he and lawmakers passed in 2010 has a natural-disaster exemption.