PRINCETON: Panel spells out consolidation savings
A savings of about 5 percent of the combined municipal budgets of the Princetons could be saved if there is a full implementation of all recommendations of the Joint Shared Services/Consolidation Commission (JSSCC) should consolidation take place.
Savings amount to 3.3 million on a combined 60 million budget.
This means there will be direct property tax impacts, or savings, for homeowners if consolidation happens. All calculations are from a draft of a summary of residential tax savings presented to the JSSCC Tuesday night.
Savings with will full implementation of consolidation recommendations could be 217 for the average borough property and 273 for the average township property. The average borough homeowner pays 3,222 in municipal taxes on the average property value of 747,665. A township resident pays an average of 3,596 in municipal taxes on an average property values of 826,636. These vales are calculated using current asses values under the 2010 revaluation.
The tax levy, or amount raised from taxpayers, used in the formula was 9,457,716 for the borough and 20,070,600 for the township. The taxable assesses value for the borough is 2,196,649,214 and the township is 4,617,801,381. The tax rates are .431 for the borough and .435 for the township.