Residents To Receive Settlement Checks From Princeton University

Princeton NJ

22 October, 2021

9:05 AM

Description

PRINCETON, NJ - Princeton University will be mailing out settlement checks to roughly 625 homeowners in the township. These checks are being mailed under a settlement reached in 2016, that ended litigation challenging the University's property tax exemption. As part of the agreement, the University contributed $2 million in 2017 and has agreed to grant $1.6 million per year from 2018 to 2022 to a property tax relief fund. These funds will be used to distribute annual aid payments to Princeton homeowners who received a homestead benefit under the New Jersey Homestead Property Tax Credit Act. The fund is being administered by the Community Foundation of New Jersey (CFNJ). "Princeton University cares deeply about preserving the diversity of the Princeton community, and the contributions we have agreed to make will help to achieve that," Princeton President Christopher L. Eisgruber said in a statement. "We have a long history of contributing to the well-being of our community, not only through our annual unrestricted contributions and targeted contributions for affordable housing, the schools and the library, and community services of various kinds, but in the educational, cultural and other opportunities we provide to members of the community." To be eligible for the payment this year, homeowners had to qualify for homestead benefits in 2017 - the most recent year for which the fund received a list of homeowners who were paid homestead benefits by the state, and must continue to own the home. For more information, and questions, call Joyce Jonat at CFNJ at 1-800-659-5533, ext. 3010.