title
Resolution of the Mayor and Council of Princeton Authorizing the Cancellation of Property Taxes and SID for the Years 2024, 2025 And 2026 on Block 27.04, Lot 27 to Correct Duplicate Assessed Value and Refund $115,852.55
end
body
WHEREAS, the 2024-2026 Extended Tax Duplicate listed Block 27.04 Lot 27, listed as taxable, owned by PIP Commercial LLC, and;
WHEREAS, the 2024-2026 Extended Tax Duplicate listed Block 27.04 Lot 27 with an Assessed Value of $1,674,700, and;
WHEREAS, the Tax Assessor has determined that the assessed value is overstated by $1,674,700 for 2024-2026, and that the correct assessed value for this consolidation is $0, the SID has been determined to be over billed for 2024-2026 for $3,287.50 and;
WHEREAS, PIP Commercial LLC has been overbilled for 2024-2026 in the amount of $138,346.97 in Tax, $3,287.50 in SID and $23,990.08 Tax and $686.55 SID for the 2027 preliminary;
WHEREAS, PIP Commercial LLC has paid 2024-2026 2nd qtr. Tax in the amount of $113,251.59 and SID in the amount of $2,600.96, and;
WHEREAS, it is the desire of the Mayor and Council of Princeton to cancel the above listed property taxes in the amount of $138,346.97 for the tax and $3,287.50 years 2024-2026 and amend the 2027 preliminary bill and refund PIP Commercial LLC in the amount of $115,852.55 for Tax and SID.
NOW, THEREFORE, BE IT RESOLVED on this 24th day of August, 2026, by the Mayor and Council of Princeton, County of Mercer, State of New Jersey, that the following property taxes are hereby cancelled and the following tax amount refunded and the Princeton Tax Collector is authorized to adjust her records, and is hereby released from the collection of the same.
2024-2026 $115,852.55 Block 27.04 Lot 27