Princeton's Neighbors Say to Heck With Freebies -- We Want Cash
- Concerts and shuttles no longer soothing strapped homeowners
- Ivy League property-tax lawsuit demands millions of dollars
Ivy covered information building at Princeton University.
Photographer: Loop Images/UIG via Getty ImagesFree lectures, admission to athletic games and concerts, even shuttles to Trader Joe’s are some of the perks that neighbors of Princeton University get from New Jersey’s only Ivy League school.
A growing number of residents, though, resent the gestures. Riding a national wave of discontent with nonprofit institutions, they’re suing to challenge the tax-exempt status of Princeton, whose $22.7 billion endowment makes it the fourth-richest U.S. university. The outcome could cut homeowners’ annual property taxes, averaging $17,699, by a third. It also could end the freebies that make Princeton a cushy oasis while other New Jersey towns, burdened by high public-worker costs and flat state aid, struggle to maintain basic services.