FISCAL 2011 REAL ESTATE TAXES MAILED
DUE OCTOBER 1, 2010
Fiscal year 2011 tax bills were mailed the last week in June. Every Princeton property owner should have received their bill. If you have not received a bill, please contact the Collector’s Office, 978-464-2101.
The first bill is a preliminary tax bill. Your preliminary tax is based on the adjusted net tax owed (including any other charges added to the tax) on your property for the prior fiscal year and as a general rule will be no more than half (50%) of that amount. Adjustments are made for any abatements or exemptions granted in the prior year, and any tax increases allowed under Proposition 2½ for the current fiscal year. Your preliminary tax will be payable in a single installment due on October 1, 2010.
Example: If your Fiscal Year 2010 tax was $2000 (including any other charges added to the tax), and you were granted an abatement of $400, your FY10 net tax due was $1600. After a tax increase adjustment of 2.5%, your adjusted FY10 net tax due would be $1640 and your Fiscal Year 2011 preliminary tax would in most instances be no more than $820. This $820 would be payable in a single installment due on October 1, 2010.
Your actual tax bill will then be sent to you on or about December 31. This bill will show the assessed valuation of your property, the tax rate and the amount of property taxes you owe for the fiscal year, including any special assessments or other charges that are added to the tax. The tax bill will also show the amount of the preliminary tax billed earlier as a credit against your actual tax for the year. The balance of your tax must be paid by April 1, 2011.
Example: If your actual Fiscal Year 2011 tax bill is $2100 and you had previously been billed $820 in preliminary taxes for the year, you would have a remaining balance of $1280. This $1280 balance would be payable on April 1, 2011.
LATE PAYMENTS
Under the preliminary tax payment system, interest on late tax payments will be charged for the number of days that the payment is actually delinquent. For example, if the actual tax is due on October 1st and it is not timely paid, interest will be charged from that date until the date the payment is made.
ABATEMENTS
Once the actual tax bills are mailed the end of December, you will still be able to file an abatement application with the assessors if you wish to contest your assessment. Applications for abatement must be filed on or before April 1, 2011. Applications for personal exemptions and the residential exemption must be filed within three months of the date the actual tax bills were mailed. All other exemption applications are due the same date as abatement applications. Abatement and Exemption forms may be picked up at the Town Hall.
If you have additional questions, please contact the Collector's or Assessors’ Office.
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