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E-PrinceAs Princeton Borough and Princeton Township prepare for their first property-tax reassessment since 1996, residents are taking a hard look at factors that make both municipalities’ property taxes among the highest in New Jersey.
According to The Newark Star-Ledger, the ...
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Most retired faculty are leaving Princeton to move to towns and states where the tax burden is more reasonable. Especially true in the humanities departments, where salaries are 25-30% lower than sciences or engineering.
This is a really well-written and well-researched article. Great work again, Mr. Fisch.
I don't live in Princeton, but in the NJ town that I do live in, roughly 70% of my tax bill funds the public school system (K-12). In my opinion griping about Princeton University and the town and borough just skirts the edges. Meaningful property tax relief is only going to come when public school spending, particularly the abuses uncovered on the administration end, is brought under control. No one seems to want to address this, and I'm discouraged that this article doesn't even mention such a huge portion of the property tax bills.
"Martindell explained that the municipal governments have no control over many of the expenses. About a quarter of the tax revenue collected by both the Borough and the Township pays Mercer County taxes, while about half of the revenue supports the Princeton Regional School district."
A couple of readers have quite correctly noted that an outsized proportion of the Princeton property tax burden is created by a public school system that needs to be put on a financial diet. Stay tuned--this will be the next big issue in town.