From left, Mayor pro tem Steven Deffibaugh, Councilmember Marlo Obera, Mayor Brianna Chacon, Gerfers, Councilmember Bryan Washington, Councilmember David Kleiber. Courtesy photo
Taxpayers will get a break this tax year as the Princeton City Council has dropped the total property tax rate by more than nine cents per $100 of taxable value. The rate will decrease from the 53.5 cents per $100 taxable value to 44 cents per $100.
The adjusted 2023 taxable value for Princeton property is $2.49 billion, up from $2.12 billion in 2022, and the average homestead taxable value increased 18% to $305,000 from $259,000 in tax year 2022.
But taxes on the average homestead are dropping nearly 2.8% from $1,380 in tax year 2022 to $1,342 this year.
The Fiscal Year 2023-2024 budget commencing Oct. 1 will raise 11.8% more revenue from property taxes because of new property added to the tax roll.
The operating budget projects total revenue across all funds of $62.5 million and total expenditures of $66.9 million.
Approval of the tax rate and city budget came Monday, Sept. 11, during a long evening with four separate meetings, including one making up the Aug. 28 meeting canceled for lack of a quorum.
Councilmembers voted unanimously to appoint Ryan Gerfers as interim Place 4 member to complete the term of Councilmember Keven Underwood, who resigned for health reasons.
Gerfers, who teaches and coaches at Princeton High School, is the only Place 4 candidate in the Nov. 7 election.
“I just want to thank the mayor and council for putting their trust in me,” Gerfers said after taking his seat in the meeting.
To begin their meetings, councilmembers unanimously agreed to restore invocations. The invocation had been replaced earlier this year by a moment of silence.
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