2% property tax levy cap
A state limit that keeps a town, county or fire district from raising its total property tax levy more than 2% a year, with exclusions for things like debt service, capital spending, some pension and health cost increases, and declared emergencies.
New Jersey example
Say your town's levy was $20 million last year. The cap generally allows up to $20.4 million this year, plus value from new construction and any allowed exclusions. Going higher needs more than 50% of voters to approve. The cap limits the total levy, not your own bill, which can still change with your assessment. Schools have a separate 2% cap.
Official source
P.L.2010, Chapter 44 (calculation of the local tax levy cap)
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.