Good news for NJ ping.
While this has some promise, it is not as good as it seems. NJ property taxes are a compilation of local municipal taxes, county taxes, school and library taxes all rolled into one. This agreement limits municipal property taxes only, to a 2% increase cap.
In real terms, using my town as an example: a house having property taxes of $5000 per year only has a municipal tax burden within that $5000 of approx $450. So, it is only that municipal tax of $450 that is subject to the 2% cap. The rest of the tax levee is from library taxes, school taxes and county govt taxes. While this is a promising start, making a dent in the school taxes, with massive cuts in the school budgets, teacher benefits, working hours etc., would do far more to relieve the tax burden on residents of this state.