New Jersey Property Taxes Get a 2% Annual Cap

Some said it would never happen in the state with the highest real estate taxes in the nation. But it did on Monday, when Garden State lawmakers installed a 2 percent limit on annual property tax increases by local communities. Maybe Bruce Springsteen will write a song about it. The new law, which allows voters in each town or school district to exceed the cap if they desire, is being regarded as a victory for New Jersey's Republican governor, Chris Christie.