Princeton Municipal and School Budgets Include Tax Increases

Princeton residents will see a total increase of $330.38 in taxes after both council and the school board approved their budgets this week.

Princeton Council approved a $60.9 million budget that includes an annual tax increase of $147 on the average home assessed at $800,560, according to nj.com.The tax rate increased by 1.6 cents.

A citizens advisory committee assisted officials with this year’s budget process, recommending the town hold annual spending to below $7.1 million on capital projects for the next six years, according to the report.

Upcoming projects include a new headquarters for Princeton First Aid, and improvements to Community Park North and the library, according to the report.

The Princeton School Board approved an $89.7 million budget that calls for an annual tax increase of $183.38 on the average home, according to the Princeton Packet. The school budget increased by 2.26 percent.

The district must hire new teachers to deal with an increasing enrollment, according to the report. There was an increase of 120 students this year, and enrollment is expected to increase by another 100 next year.

The school district is also keeping an eye on how the construction of a 280-unit development at the former Princeton Hospital will impact enrollment, according to the report.