New Jersey's 2 percent property tax cap took effect at the start of last year, but is it really working?

Democrats say it's been a big flop, but Governor Christie insists it's starting to do what it's supposed to - hold the line on the highest property taxes in America.

Christie says, "The cap has not yet been fully implemented since many of the savings on health benefits have not yet been fully implemented, because it's a 4 year phase-in on those savings….But last year was the lowest rate of increase in property taxes in 20 years - 2.4 percent on a 2 percent cap."

He says we've got more work to do on the cap and other things need to be done as well, but he absolutely believes the cap is working.

"I've heard it from many people, including a woman in Hawthorne who recently sent an email and she said to me Governor - just received my 2012 -2013 property tax bill - increased by 8 dollars 95 cents- I don't think I could properly express my gratitude - I'm been considering moving to the southern states for relief - thanks so much, now I don't have to."

Christie adds, "The cap is working - and in places where it's not working, I think the Senate President and I are committed to plugging the holes in that cap…Here's a woman who was ready to move out of state like so many people have because of how unaffordable our taxes are - and she finally gets some good news…And I suspect we're going to continue to see really positive things happen on property taxes in the state."

He's quick to point out, however "We're not going to turn around a car that's been going at 120 miles an hour - overnight. So the first job is to slow it down and to get it to stop increasing so quickly. Then we can look at ways - I think with the shared services to turn it around and actually start to get property taxes to decrease…I'm optimistic about it."