The Princeton City Council on Sept. 8 approved the first reading of its city tax ordinance, having the tax rate at 16.3 cents per $100 of real property and 16.5 cents per $100 of personal property value.
The real property rate is the same as last year’s real property tax rate, while the personal property tax rate is down from last year’s rate of 17.3 cents per $100 of property value.
Mayor Kota Young said that the tax rates would result in a 3% increase in revenue for the city, or about $13,375 over last year’s revenue.
“We’ve been very blessed as a city,” he said Monday. “Our financial position has held up very well during the COVID pandemic.
“Last year, we reduced the real property tax rate for the first time in at least a decade — going back into our records — and we were able to reduce the personal property tax rate by the largest percentage in at least a decade.”
The city council approved the first reading of the tax ordinance on Sept. 8. A public hearing regarding the tax rate will be held prior to a special meeting of the council at 5 p.m. Sept. 24.
The council will meet after the public hearing to consider the second reading of the ordinance.