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TRENTON – Legislation Senate President Stephen M. Sweeney sponsored to create a task force to monitor the effects of the recently enacted two-percent property tax levy cap and recommend potential changes to ensure it works today passed the Senate.

“With the property tax cap now in place, our job must be to ensure it works,” said Sweeney (D-Gloucester/Cumberland/Salem). “The mistake would be to just let the cap stay the same as the world around it changes. This task force is essential to giving lawmakers the information we will need to ensure the cap stays relevant over time.”

TRENTON – Legislation Senate President Stephen M. Sweeney sponsored to create a task force to monitor the effects of the recently enacted two-percent property tax levy cap and recommend potential changes to ensure it works was today released by a Senate committee.

“With the property tax cap now in place, our job must be to ensure it works,” said Sweeney (D-Gloucester/Cumberland/Salem). “The mistake would be to just let the cap stay the same as the world around it changes. This task force is essential to giving lawmakers the information we will need to ensure the cap stays relevant over time.”

Senate President Stephen M. Sweeney today introduced legislation to create a six-member property tax advisory panel to track the progress of the new two-percent property tax cap and recommend potential changes to the law.

Sweeney said the panel – with two members chosen by each the Governor, Senate President and Assembly Speaker – is necessary to ensuring the cap remains relevant as economic conditions change.