New Jersey’s annual two-percent cap on property tax hikes is now law.

Governor Chris Christie signed the measure at a firehouse today just outside Trenton.

KYW’s David Madden reports that Christie admitted the compromise worked out with state senate president Steve Sweeney (far left in photo) wasn’t perfect but it got the job done:

“We waited for the politicians in this state to fix it for 30 years. They haven’t, and my view is it’s time to put it in the hands of the people of this state.”

Any increases over the cap will now require voter approval.

Municipalities insist that the cap without accompanying spending reforms is unworkable. Sweeney agrees:

“Some people would say, well, you should have done the (spending reforms) toolkit first. Well, if we hadn’t done this, there wouldn’t be a toolkit.”

That toolkit will be developed over the summer, with completion, everyone promises, in time for towns to get their budgets in place for next year.

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