Tax Rate Plan Would Raise Bill On Median Home

Princeton staff told City Council on Sept. 21 that the proposed tax rate would increase the bill on a median-value home by about $26.53, based on the home value cited during the meeting.

The proposed rate presented to council included an operations rate of 0.2679 and a debt rate of 0.205. The tax rate was discussed as part of the broader budget hearing, but staff said no formal budget action would be taken that night.

The tax discussion came alongside a high-level review of the proposed city budget. Staff said the budget showed about $109.43 million in combined city revenues and $104.6 million in expenditures across all funds. Officials also said council had given direction earlier in the evening and that more information would be brought back at the next meeting.

The proposed tax increase remained unresolved at Monday’s meeting. The compiled budget package, including tax rate action, was scheduled to return at the next meeting.

That means homeowners did not get a final vote on the tax rate Sept. 21, but staff’s estimate gave residents an early sense of what the current proposal could mean for a typical property tax bill if adopted.