Princeton city council adopted the 2018 property tax rate, a levy that is equal to the rollback rate along with the city’s budget at the Monday, Sept. 10 council meeting.
Council approved the tax rate of 68.88 cents per $100 valuation, compared to last year’s rate of 68.98 cents.
With a rollback rate, voters can petition to hold an election to reduce the tax rate. The city also adopted the rollback rate during last year’s budget.
This year’s effective rate, which is the tax rate needed for the city to receive the same amount of revenue as last year is 60.28 cents.
This budget will raise more revenue from property taxes than the prior year’s budget by an amount of $1,017,105, which is a 23.84 percent increase.
By Wyndi Veigel • News Editor • [email protected]
For the complete story see the Sept. 13 edition or subscribe online.