Princeton Citizens for Tax Fairness, a group that has been supported by both local Democrats and Republicans, is mad. Because they have to pay taxes, and Princeton has a lot of money, so why can’t they just pay and make all of our problems go away? They’re organizing to move Princeton to pay its “fair share of taxes.”
Princeton University, like many other major universities, is a 501(c)(3) tax-exempt organization. 501(c)(3)s include non-profit organizations that are for “Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations.”
In 2007, the university paid more than $10 million in property taxes and fees, and donated more than $1 million to local government, reported the Trenton Times.
If all its properties were taxed, however, the university could be paying $27 million more, the Princeton Community Democratic Organization says. This would reduce the property taxes by 24 percent in the borough and 15 percent in the township.
Local residents worried about the economy want Princeton (with its mighty, mighty endowment) to step in and help them out. Because that’s what a university is for. Especially when they’re planning on cutting $170 million from their budget in the next two years.
From the Trenton Times:
Ms. Artzt said she and her husband, Bruce Lawton, a freelance film historian, are behind on their property taxes, and her business teaching classical guitar to students is dwindling due to the poor economy.
“This is bad. This is not good. This is not how I expected to be spending my 66th year, worrying about losing my house,” Ms. Artzt said. “Princeton University could be helping, and they should be.”
Suggestions for how to really get the most out of your non-profit organizations after the jump.