During the final vote on the FY 2011 Budget, both the State Senate and General Assembly passed S-29, a proposal championed by Senate President Stephen Sweeney (D-Gloucester), which imposes a property tax cap of 2.9% (down from the current statutory cap of 4%) and provides overrides from the cap for a variety of factors. The Senate passed S-29 by a vote of 23-17, and the Assembly, 44-33-1, along mostly partisan lines. The Governor called a special session of the Legislature on July 1, and addressed a joint session, laying-out his concerns with S-29 and its 2.9% cap. He offered a compromise and within days the Governor, Senate President and Assembly Speaker Sheila Oliver (D-Essex) had agreed on a statutory 2.0 % property tax cap. On July 6, the Governor conditionally vetoed S-29, re-writing the bill and sending it back to the Legislature in the agreed upon form of the 2.0% compromise. The Senate approved the Governor's changes by a vote of 36-3 on July 8, and the General Assembly did the same, by a vote of 73-4 on July 12. Gov Christie signed the revised bill on July 13 at a public ceremony in Hamilton Twp., Mercer County. For a copy of the 2% cap law,
click here.
