Putting his pen to legislation heralded as a money saver for taxpayers, Gov. Chris Christie on Tuesday signed into law a sweeping overhaul of public employee benefits. But that doesn’t mean New Jersey homeowners should expect their property tax bills to drop this year.

“The first time folks on the property tax side will really see a benefit is in the August 2012 bills,” Christie said at a bill signing ceremony Tuesday at the War Memorial in Trenton.

Christie has been emphasizing the effect the new law will have for the state’s 566 municipalities. The bill requires all of the more than 437,000 public employees working at all levels of government to pay more for their health care and pension benefits.

Read More at Star Ledger