New Jersey's property taxes rose 2.4% in 2011, according to data from a state website. Governor Christie says the numbers fail to include property tax credits and the number is closer to 1.7%.

Speaking at a State House press conference, Christie said the increase is under 2% this year. "The property tax credit was not included...its 1.7%."

Christie said he will continue to look at ways to reduce property taxes. "Senate President Sweeney and I...as we speak, are looking at legislation to share services."

Jerry Cantrell, spokesman for the New Jersey Taxpayers Alliance says while Governor Christie and the democratic-controlled legislature should be commended for the new 2% cap on property taxes, it still has a number of exemptions. "If we had a 2% cap with no exceptions this number would be much closer to 2%..and I believe with hard caps going forward, you will actually start to see it coming down even further."

Since 2001, property taxes in New Jersey have increased from $4,600 to $7,500 this year.