Some view it as a political triumph, some as a means of tax relief. Still others see it as trouble ahead for local governments.

Regardless, the state’s new 2 percent cap on property tax increases is a reality, having been signed last week by Gov. Chris Christie. The new law includes exemptions for rising pension and health care costs as well as bond payments and emergency funds, the result of a compromise reached between the Republican governor and Democratic leaders in the Legislature.

Christie had previously sought a hard 2.5 percent cap, while Democratic state Sen. Stephen M. Sweeney proposed a 2.9 cap with 10 exemptions and no voter override. The compromise, finally reached in the first week of July, cuts the previous 4 percent cap in half. It also reduces the number of exemptions to four, down from 14, and gives communities the ability to exceed the cap with the approval of a majority vote in a public referendum.

More than 200 New Jersey mayors backed Christie’s 2.5 percent cap and overall reform agenda, saying it would provide much-needed tax relief to homeowners. Of the nearly 220 mayors who endorsed the reform, however, only two were from Middlesex County — Wilda Diaz of Perth Amboy and Ray Eppinger of South River, according to a list on the governor’s website.

“I think that the compromise is a good start,” Eppinger said. “I give credit to the governor for starting the process toward real reform. … The state is broke, and he has taken the lead in trying to stop the madness.”

Since 2001, spending at the local level has spiked by 69 percent statewide, from $26.5 billion to an estimated $44.7 billion this year, according to the governor’s office. Property taxes have grown 70 percent over the past 10 years, and with the average state household paying $7,281 a year, New Jersey has the highest property taxes in the nation.

Eppinger, a Republican, said he supported the governor’s agenda as part of an entire package of reforms. He said the exemptions deal with “major cost issues” however, and are in need of some tweaking.

Though he believes some municipalities will bode better than others with the reforms, South River is in sound financial shape because of its long-range planning cycle, and its financial situation will remain stable, he said.

“The governor is right. We need real reform, and these measures are part of that discussion — by no means should anyone think that these measures will solve all of our problems,” he said. “[But] hopefully it will mean that residents of New Jersey will see a slowing of property tax growth and more serious discussions on shifting the funding of local, county and school budgets away from property taxes.”

For this to be a success, however, residents will have to involve themselves in the budgetary process, Eppinger said, deciding which services they want and are willing to pay for.

“That is going to be critical,” he said.

Other local officials have remained adverse to the reform, alleging the hard cap would impede local governments’ ability to provide necessary services to residents.

Old Bridge Mayor Jim Phillips, a Democrat, does not support the new cap law, noting that governments are already suffering under decreased revenues such as dwindling state aid allocations.

The move represents a change, however, and Phillips noted that people are looking for a change.

“No mayor wants to increase taxes when they don’t have to,” he said. “I think people are looking for change, and I applaud the governor and Legislature for seeking change.”

However, what residents are really looking for is the type of change that puts money back into their pockets, Phillips said, and he does not believe this new law will do that. The siphoning off of funds and cap on taxes will force towns to make up for the lack of revenue in other ways, he said.

Spotswood Borough Council President Curt Stollen, who serves in a nonpartisan capacity, said he supports the cap as a citizen but believes a “tool kit” must be implemented to give local governments the ability to remain within the cap.

“They give us caps, but they give us no way to hold down our expenses to keep us within our caps,” Stollen said. “We can stay within the cap, but if we’re not getting funds or holding our expenses down, there will be less and less the government can do, and each year there will be fewer services the government will be able to offer.”

Helmetta Mayor Nancy Martin, elected as an independent, agreed with Stollen that towns will need help from the state.

“I am all for keeping property taxes down, and when Helmetta works on the municipal budget, we go line by line in an effort to keep our municipal taxes as stable as possible,” Martin said. “I believe the 2 percent cap will not work until the Legislature puts the ‘toolbox’ into place and looks at the state mandates they impose on municipalities. Helmetta employees are going into their second year without an increase [in salary] and are now contributing 1.5 percent of their salary to health insurance.”

Sayreville Business Administrator Jeff Bertrand noted at the council’s July 12 meeting that the new cap would “certainly not [bode] well” for the borough. He went on to note, however, that the compromise is probably better for the town tha