Princeton U. VP responds to letter

Robert K. Durkee of Princeton University
    Anne Neumann quotes me disapprovingly in her recent letter, but she never contests what she quotes me as saying. In fact, the database she cites clearly confirms that Princeton Borough has the lowest tax rate of any of the 12 municipalities in Mercer County.
   The rate is lower than in other municipalities in part because the university helps generate non-tax revenues for the borough and in part because, in addition to paying its own taxes, the university voluntarily contributes well over a million dollars a year — an amount that increases each year even as university budgets are being cut. This is why in 2008 the borough could support a $25.4 million budget while having to raise only $10.5 million in taxes.
   The point Ms. Neumann makes is that home values in Princeton are higher than in most communities in the state. As noted in the economic impact report we commissioned last year, this is typically the case for communities with colleges and universities.
   This occurs in part because these institutions add to the quality of life in the community by providing free or low-cost access to intellectual, cultural, athletic and recreational opportunities and by encouraging their students, faculty and staff to engage in community service. It also occurs because of the economic benefits these institutions confer, including stability in difficult economic times. Both of these factors make these communities desirable places to live, which increases the value of properties, to the financial benefit of those who own them.
Robert K. Durkee,
Vice President and Secretary
Princeton University