JUST IN: New Jersey Gov. Chris Christie has signed legislation capping local spending and property tax growth at 2 percent a year. The new cap keeps towns, school districts and counties from increasing spending and taxes more than 2 percent, but permits exemptions for certain costs local officials don’t control such as employee pensions and health care. Emergencies and debt payments also are exempt from the cap restriction.

The law allows voters to override the limit.

The cap is designed to slow the rate of property tax growth. Because of exemptions and overrides, it won’t keep property tax growth to 2 percent a year statewide. Rates of increase will vary from town to town.

New Jersey has the highest property taxes in the country, averaging nearly $7,300 per household. AP