In Short: Property-Tax Relief

About 750 Princeton residents are receiving PROPERTY-TAX-RELIEF PAYMENTS of almost $2,500 per eligible home from the University. Last year, the University agreed to pay $18.2 million over six years to settle a lawsuit by residents challenging the property-tax exemption of about 170 campus buildings and the University’s tax-exempt status as a whole. The University will pay $10 million to Princeton residents who received assistance under New Jersey’s homestead benefit program, $1.25 million to the Witherspoon-Jackson Development Corp., and $3.48 million to the town of Princeton in 2021 and again in 2022.