Council OKs tax levy
PRINCETON — The Princeton City Council is projecting an estimated $24,897,000 in revenue for the city’s 2013-14 fiscal year, which begins May 1, 2013.
At Monday’s meeting, the city council approved an ordinance levying $1,573,843 in property taxes from the 2012-13 tax levy. Additional revenue is projected at $23,323,158, with the primary sources of that revenue coming sales tax and income tax.
On Tuesday, City Manager Jeff Clawson said the property tax rate for the city itself remains at 1 percent, or $1 per $100 of assessed value of property. Taxpayers also have an additional tax rate of 0.1162 percent for the Princeton Public Library bonds, which were approved by referendum for the building of the new library.
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