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
Wealthy Found to Flee N.J. Tax - WSJ.com
Homeowners fight back on property taxes - Page 2 - MSN Real Estate
Living In - Westfield N.J. - A Cozy Town That Appeals to All ...
CUT THESE STATE AND LOCAL TAXES While state tax hikes have ...
NJ Property (@NJPRealty) on Twitter


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
Tax Appeals In New Provid... From The Independent Press: Among the issues the New Providence Borough Council discussed at its June 25 meeting was a multi-million dollar reassessment of a property in
Senior Property Tax Freez...     From Warren Patch: Seniors Have Until Friday to Freeze Property Taxes Patch.com Senior Freeze essentially freezes property tax bills for homeowners ages 65-years and older
New Jersey Tax Appeals Cr... From: Press of Atlantic City The state Department of Community Affairs says tax appeals have gone up by more than 400 percent since 2006. And municipalities, as
“Extraordinary̶... From Registry News: Following a public hearing, an ordinance authorizing an emergency appropriation to update revaluations of property within the township, was approved unanimously by the Township
Reassessments Hurt Homeow... Due to a high number of tax appeals after a 2008 assessment, Lincoln Park recently completed its reassessment and noted a $149 million drop in value.  In
Montclair Reassessment Ca...   From The Montclair Patch: With the decline the housing market, Montclair property owners have filed 3,724 tax appeals since 2007. The appeals reduced the assessed value
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
Westfield Realtor Offers ...   From PR News: In 2012, according to the Department of Treasury’s Division of Taxation, more than 90,000 residential tax appeals were filed in New Jersey —
Christie Congratulated Fo...     From NJ.Com: Christie Administration announces property tax growth in Morris County NJ.com “By any measure, Governor Christie's property tax reforms have been a resounding success