Princeton University, the fourth- richest institution of higher education in the U.S., paid more than $10 million last year to its prosperous New Jersey community. Municipal officials and residents say the college should do more.
The university would pay about $28 million in additional property taxes if all of its land were taxed, said Princeton Borough Councilman Kevin Wilkes. The college owns 43 percent of the borough’s assessed land value and 13 percent of adjoining Princeton Township’s, Wilkes said. “The town budget is strapped and schools are looking at laying off teachers,” said Princeton Borough resident Peter Kann, former chairman and chief executive officer of Dow Jones & Co. and the co-chair of Princeton Future, a civic organization.
