Council Adopts 2023 Budget With Tax Increase For Princeton Residents

PRINCETON, NJ — Council on Monday approved the 2023 municipal budget, which includes a tax increase for residents.

Under the budget, residents will see an increase of 29 cents per $100 of assessed value. This translates to an increase of $279 for the average Princeton taxpayer.

The budget calls for $71.47 million in spending. This is $1.27 million more than the previous year.

The budget expenditure has increased this year, mainly due to high costs in various products and services.

Salaries and wages have gone up for contractual and noncontractual employees, mainly due to the increase in the cost of living.

The cost of trash collection has also increased, as did health benefits costs. Debt service payments are also up due to the various capital improvement projects undertaken by the Municipality.

Earlier this month the municipality amended the 2023 budget to lower the tax increase for residents. The budget that was first introduced included an increase of 45 cents, which was then lowered to 29 cents. Read More: Council Amends Budget, Lowers Tax Increase For Princeton Residents

The reduction was attributed largely to Princeton University paying $5 million in fair share to the Municipality, additional state aid and reduction in the “administration other expense.”

For more details on the budget, click here.

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