Princeton Voters Approve Open Space Tax
Princeton voters overwhelmingly approved a new open space tax for the consolidated Princeton. The special question passed, 6,939-2,092.
The approval means property owners in the new Princeton will pay an open space tax of 1.7 cents per $100 of assessed property value. The current Borough rate is one cent per $100 of assessed property value, and the Township rate is two cents. The new open space tax rate of 1.7 cents is a “blended” rate that officials said would keep the open space fund revenue neutral for the united Princeton.
The owner of a home assessed at the Borough average of $748,070 would pay $127.17 per year to the open space fund in 2013, an increase of $52.36. In the Township, the owner of a home assessed at the Township average of $821,711 would pay $139.69 in 2013 for the open space fund, a decrease of $24.65. (Editor’s note: We are using these assessment figures because we do not know the average property value fro a home in the combined Princeton yet.)
Open space funds will be used to purchase and maintain properties and parks.