Suggesting a Property Tax Cut To Aid Princeton Residents
To the Editor:
Now that governments have imposed total shutdowns to slow the COVID-19 virus infection rate, let us pray that we will have bought enough time for our health care system. But the economic consequence to the country may well be apocalyptic.
The Federal government is racing to fund a rescue package up to $4 trillion. That amount may equal 30 percent of the GDP! But even at that amount the Feds can’t do it all. What can we do for ourselves at the local level?
The biggest pending liquidity squeeze to all Princeton residents at this critical moment is our forthcoming quarterly property tax payments. Princeton municipality should immediately declare a 25 percent across-the-board reduction on all property tax payments until further notice. Assuming an average quarterly payment of $4,000, a 25 percent payment reduction would keep $1,000 in the hands of each resident.
What a support that would provide to Princeton’s suddenly jobless families, fixed income seniors, and landlords. The Princeton Council should take this up immediately, as urgently as Congress is trying to pass its massive relief package and the governor is issuing his emergency executive orders.