April 26, 2024
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Princeton council anticipates lower tax rate

City will levy for more money

By Kim Shute

Princeton Council approved a first reading of the tax levy for the upcoming fiscal year. If approved, it will request just less than $2.7 million in property taxes. (Kim Shute)

The property tax rate to the city of Princeton will be slightly lower for residents, but the city will levy more money, said City Manager Theresa Wittenauer.

The City Council approved a first reading of its tax levy for the upcoming year.

Anticipating property value growth, council members unanimously moved the ordinance to a second reading; and if approved during the Monday, Dec. 20, meeting it will request just less than $2.7 million in property taxes. The fiscal period will run from May 1, 2022, to April 13, 2023.

Among the major expenses in the levy are $40,372 for IMRF (municipal pensions), liability insurance and FICA and Medicare costs; $590,276 for police pensions; $648,273 for fire pensions; $355,353 for the public library and just more than $73,000 for library IMRF, library Social Security and library building and maintenance.

Wittenauer said the levy for the annual audit fees will be slightly higher in the first months of the fiscal year because of the sale of Perry Memorial Hospital to OSF HealthCare.