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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.

 

Krystal Knapp

Krystal Knapp is the founding editor of Planet Princeton. She can be reached via email at editor AT planetprinceton.com. Send all letters to the editor and press releases to that email address.

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