Tax Increase Proposed In Princeton School Budget For 2024-25

PRINCETON, NJ — Princeton residents may see a tax increase as revealed in the proposed 2024-25 school district budget.

School Business Administrator Matthew Bouldin introduced the $108.5 million municipal budget at the March 18 Board of Education meeting, which includes a school tax rate increase from 1.236 to 1.264 per $100 assessed property value.

A home assessed at $844,787 will pay $236.61 more per year or $10,678.34 for the school tax portion of the bill.

Bouldin attributed drivers of the budget to include meeting student needs post-pandemic, inflation and scarcity of teachers, improving pedagogy, and continuing to focus on maintaining and improving facilities.

"The 24-25 drives consistently tend to be meeting student needs post-pandemic," said Bouldin. "It has exacerbated learning for many students and it has affected the district and the world as a whole. We are consistently dealing with that and trying to offer more services to meet the needs of our students."

Bouldin also pointed to increased transportation costs.

"Transportation costs have gone up over $2 million(68.78 percent) over 3 years," said Bouldin.

Helping with the budget is an increase in state aid. In 2024, Princeton schools received $5,348,358; next year, the district is slated to receive $5,825,807. This is an 8.93 percent increase or $477,449 more than last year.

The state aid accounts for 8 percent of the district's revenues. The district is also putting in $3.5 million from the fund balance.

A public hearing and final adoption of the budget will be held at the April 30 BOE meeting.

Watch the budget presentation below (it begins around 1:24:00):

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