Planet Princeton

Property Values Adjusted for the Consolidated Princeton

Assessed values for almost 20 percent of properties in the united Princeton will change this year under a plan approved by the Mercer County Tax Board on Friday.

Most of the property owners receiving adjustments will see their assessed values decrease, Mercer County Tax Administrator Marty Guhl said.

A so-called compliance plan, which allows the local tax assessor to adjust the values for up to 50 percent of properties in a municipality, is normally due Nov. 1. Princeton Tax Assessor Neal Snyder was granted an extension because of consolidation.

“The plan involved looking at every single neighborhood  and determining which areas needed adjustment,” Guhl said. “About 18 percent of the property line items needed some adjustment. All the neighborhoods adjusted have been reduced. A few individual properties have increased in assessed value, very few.”

For assessment purposes, municipalities are divided in to neighborhoods. Guhl said there are 161 neighborhoods in the combined Princeton, and 28 neighborhoods received an adjustment. Guhl said 1,482 properties of a total of 8,232 will be adjusted.

“The compliance plan brings outlying neighborhoods in line with the town,” Guhl said.

The 2010 revaluation of the two Princetons caused an uproar, with many residents challenging the results and methodology used to determine property values in a volatile real estate market with few sales available to compare properties to in order to determine values.

Taxes on the more modest homes, on average, went up, in some cases more than double. At the same time, owners of the more expensive homes in the two Princetons saw their taxes go down on average, in some cases dramatically.

A citizen group formed called “Princeton Fair Tax Revaluation Group”. Residents who belong to the group filed a lawsuit challenging the revaluation in 2011. The lawsuit is still making its way through the court system.

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.

1 comment

Events Calendar

« February 2018 » loading...
M T W T F S S
29
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
1
2
3
4
Thu 22

The Blues Collection

February 21 @ 9:00 am - March 15 @ 5:00 pm
Thu 22

Iran: Changing Perspectives

February 22 @ 4:30 pm - 6:00 pm
Thu 22

Meet the Council Candidates

February 22 @ 5:00 pm - 6:00 pm
Thu 22

Starlight Evening with Ryan Speedo Green

February 22 @ 6:00 pm - 8:00 pm
Thu 22

Marijuana: Weeding Out the Truth 2018

February 22 @ 6:00 pm - 8:00 pm
Thu 22

Film: “John Lewis – Get in the Way”

February 22 @ 6:00 pm - 8:00 pm
Thu 22

Internet Security Presentation

February 22 @ 7:00 pm - 8:00 pm
Thu 22

Great Minds Salon with Brad Lawrence

February 22 @ 8:00 pm - 9:00 pm
  • Get 15% off your first order with Vosges Haut-Chocolat
   

Advertisement

  • Get 15% off your first order with Vosges Haut-Chocolat

Events Calendar

« February 2018 » loading...
M T W T F S S
29
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
1
2
3
4
Thu 22

The Blues Collection

February 21 @ 9:00 am - March 15 @ 5:00 pm
Thu 22

Iran: Changing Perspectives

February 22 @ 4:30 pm - 6:00 pm
Thu 22

Meet the Council Candidates

February 22 @ 5:00 pm - 6:00 pm
Thu 22

Starlight Evening with Ryan Speedo Green

February 22 @ 6:00 pm - 8:00 pm
Thu 22

Marijuana: Weeding Out the Truth 2018

February 22 @ 6:00 pm - 8:00 pm
%d bloggers like this: