Princeton property owners should begin looking for their 2019 property tax bill, which has been delayed in being mailed.
The tax bills should have been mailed at the end of June, but the mailing is late due to the delay in certifying the tax rate at the Mercer County level.
The third quarter property tax payment is due Aug. 1, but Princeton officials are extending the deadline to Aug. 22 without penalty. If the bill is paid after Aug. 22, interest will accrue on the amount back to Aug. 1.
Meanwhile, property owners will see a small increase in the property tax rate and the amount owed. The total tax rate for 2019 is $2.37 per $100 of assessed value, compared to the 2018 tax rate of $2.33.
This means the owner of a house assessed at the town average of $838,562 will pay $19,873 in property taxes. Compared to the 2018 property tax, which was $19,538, this is an overall increase of $335.
Of the total tax bill, the municipal property tax is $3,773, based on a municipal property tax rate of 45 cents per $100 of assessed value.
The municipal library tax is $335, based on a tax rate of 4 cents, and the municipal open space tax is $167, based on a municipal open space tax of 2 cents, for a combined 6 cents.
The Princeton Public Schools property tax is $9,643, based on the school district tax rate of $1.15 per $100 of assessed value.
The combined Mercer County property tax rate – for county government and the county open space tax – is 71 cents per $100 of assessed value, which translates into $5,953 on the overall property tax bill.
