Princeton U Settles Tax Dispute For $18.2 mil

Princeton University has agreed to pay $18.2 million over the next several years to settle claims brought by a group of local residents that the university was improperly claiming property tax exemptions on facilities that actually are used as money-making enterprises.

The university announced the settlement, which will end five years of litigation, on Oct. 14. A trial had been scheduled to begin Oct. 17 in New Jersey Tax Court.

The settlement funds will be used to defray property taxes of local residents, which run an average of $16,000 a year, and to help provide housing for the town’s poorer residents, the university said in a statement.

The university will pay $2 million this year into a fund to be established to lower property taxes, and then $1.6 million a year for the following five years, according to the statement.

More HERE

 


Here are some other tax appeal sites I found for you to browse. Thanks for visiting njpropertytaxappeal.net.

Princeton U Settles Tax Dispute For $18.2 mil
Princeton U Settles Tax Dispute For $18.2 mil
Property taxes: How to fight city hall - MSN Real Estate
New Jersey Real Estate - Topic - Yahoo! Voices - voices.yahoo.com
Tax Setback for Out-of-Staters - WSJ.com
Lower Home Values & Property Tax Appeals: Real Estate Expert ...
Homeowners fight back on property taxes - MSN Real Estate


email

Similar Articles

Assessing Your Assessemen... Fair to say,  if you are living in New Jersey, you are probably paying more property taxes than you should. The National Taxpayers Union, in fact, estimates
Appeals May Cost Resident...   New Jersey may tighten property tax cap Full story: Asbury Park Press Online Just two towns have ballot questions before voters today looking to exceed the
We Can Make This Easy Or ...   An article by Dave Sheingold in today’s Record highlights a trend regarding real estate tax appeals in New Jersey which we have seen develop in recent
Atlantic City Borrows Fun... From Press of Atlantic City:  Atlantic City Council votes to borrow $102 million to settle tax-appeal debts By EMILY PREVITI Staff Writer pressofAtlanticCity.com   …More at Press
Borgota Hits $50m Tax App... From NJ.com: In the latest blow to Atlantic City’s finances, the Borgata Hotel Casino and Spa has won a tax appeal worth nearly $50 million from the
Westfield And Other NJ To... Fоr thе fіrѕt time іn 40 years, thе N.J. Division оf Taxation ѕауѕ it’s forcing towns tо bеgіn property tax revaluations bесаuѕе thеу hаvе bееn delinquent іn
Tight Financial Times Hav... Thursday, March 15, 2012 More city homeowners are appealing their property tax bills than in years past as the levy which has doubled in the 10 years
Tax Appeals Impact South ...     South Brunswick Tax Appeals Continue to Rise Patch.com Nearly 400 tax appeals filed as township looks for ways to mitigate impact on the budget. By
Comparables As “Ar...   Homeowners I find will often make the often fatal mistake of using distressed sales as comparables, assuming this is allowable. What needs to be understood is
How to Avoid Unfair Prope... By SUSANNA KIM (@skimm) March 14, 2012 The battered real estate market has another side effect that often goes overlooked, consumer finance and tax experts say: Millions
If They Had Only Checked ... From Star-Ledger: Jerry and Annette Auriemma stand outside their Maplewood home. The couple overpaid three years of property taxes after an appraiser hired by the town wrongly