University's Contributions to Borough Represent 17 Percent of its Revenue
To the Editor:
Newspaper coverage of the upcoming municipal elections has contained references to Princeton University's financial contributions to Princeton Borough. I'd like to provide some relevant numbers, which are made available each year to the governing officials and the public.
Princeton University is the largest taxpayer in Princeton Borough. Last year the University paid $3.05 million in total property taxes (plus $1.03 million in Sewer taxes). Thus, even though many of its properties are tax exempt, the University pays taxes on many properties, some of which are commercial, but several of which might qualify for tax exemption, such as graduate student and faculty housing. It has been the University's policy to keep voluntarily on the tax rolls any property that might potentially contribute school children to the schools. Of the $3.05 million paid in taxes by the University, the Borough gets approximately $763,000 (the rest goes to the schools and the county). The Borough last year collected $8.9 million in taxes for Borough purposes; therefore, the University paid about 9% of the total.
In 2005, the University made voluntary contributions to the Borough of more than $800,000, including $250,000 for road repair and other capital projects. If you add the University's voluntary contribution to the taxes it pays just to the Borough, the University is contributing more than 17 percent of the Borough's tax revenue.
In recent years the University has also made substantial capital contributions for Borough projects (including $300,000 for Monument Drive and $150,000 for the new plaza by the public library), or for projects such as renovation of the local public schools ($500,000), construction of a new public library ($550,000), and purchase of a new rescue squad vehicle ($155,000), in which the University's contributio reduced the demand on local taxpayers.
PAM HERSH
Dircetor, Community and State Affairs
Princeton University
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