Signed by Governor Chris Christie

Vote Smart's Synopsis:

Vote to concur with the Governor's amendments and pass a bill that lowers the property tax levy cap from 4 percent to 2.0 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.

Highlights:

-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.0 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):

-Increases in amounts required to be raised for all debt service and lease payment; -Increases in amounts required to be raised to replace State formula aid; -Increases in amounts for certain pension contributions; -With respect to municipalities, any increase, greaten than 2.0 percent, in the reserve for taxes that is required by law; -Increases in health care costs equal to that portion of the actual increase in total health care costs for the budget year that is in excess of 2.0 percent of the total health care costs in the prior year; and -Increases in amounts for certain normal and accrued liability pension contributions.

Full Bill Text

Vote Smart's Synopsis:

Vote to concur with the Governor's amendments and pass a bill that lowers the property tax levy cap from 4 percent to 2.0 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.

Highlights:

-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.0 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):

-Increases in amounts required to be raised for all debt service and lease payment; -Increases in amounts required to be raised to replace State formula aid; -Increases in amounts for certain pension contributions; -With respect to municipalities, any increase, greaten than 2.0 percent, in the reserve for taxes that is required by law; -Increases in health care costs equal to that portion of the actual increase in total health care costs for the budget year that is in excess of 2.0 percent of the total health care costs in the prior year; and -Increases in amounts for certain normal and accrued liability pension contributions.

Full Bill Text

Vetoed by Governor Chris Christie

Vote Smart's Synopsis:

Vote to pass a bill that reduces the property tax levy cap from 4 percent to 2.9 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.

Highlights:

-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.9 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):

-Increases in amounts required to be raised for all debt service and lease paymement; -Increases in amounts required to be raised to replace State formula aid; -Increases in amounts for certain pension contributions; -With respect to municipalities, any increase, greaten than 2.9 percent, in the reserve for taxes that is required by law; -Increases in health care costs equal to that portion of the actual increase in total health care costs for the budget year that is in excess of 2.9 percent of the total health care costs in the prior year; and -Increases in amounts for certain normal and accrued liability pension contributions.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that reduces the property tax levy cap from 4 percent to 2.9 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.

Highlights:

-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.9 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):

-Increases in amounts required to be raised for all debt service and lease paymement; -Increases in amounts required to be raised to replace State formula aid; -Increases in amounts for certain pension contributions; -With respect to municipalities, any increase, greaten than 2.9 percent, in the reserve for taxes that is required by law; -Increases in health care costs equal to that portion of the actual increase in total health care costs for the budget year that is in excess of 2.9 percent of the total health care costs in the prior year; and -Increases in amounts for certain normal and accrued liability pension contributions.

Full Bill Text