Proposed $64.4 Million Princeton Budget Carries Tax Increase

PRINCETON, NJ — The owner of the average Princeton home worth about $837,074 would see an increase of $41.86 in taxes under the proposed budget that was set to be introduced at Monday night’s council meeting, according to the agenda packet posted on the town’s website. Princeton Council is set to introduce the $64,378,262.36 budget Monday night. The proposed budget carries a tax rate increase of 1.03 percent, which translates to 49 cents for every $100 of assessed property.

The budget is up by $1,857,922.12 over last year’s $62.5 million budget. The town’s surplus went up by $1.6 million, and much of that surplus will be used to cover the budget increase. A factor in the increase is an increase of $2,346,504.87 — or 5.23 percent — in general operating expenses. However, $1.5 million of this increase is due to a one-time payoff of capital expenditures.

Salary and wages is down by $488,582.75 (2.77 percent), and the number of full-time employees employed by the town is down to 207 or 5% since 2015. That decrease is credited to “ creative re-organizations” in police dispatch, the health department and Access Princeton.

To view the full budget presentation, click here.

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