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Princeton reviews FY 2026–27 tax levy; staff says rate to remain steady as library bond retires
Summary
On the first reading of ordinance O‑25‑18 the council reviewed the proposed levy for the fiscal year beginning May 2026; staff said the city plans to keep the tax rate the same, the equalized assessed valuation has increased and the library bond payment of roughly $150,000 was retired, reducing levy needs.
Council reviewed ordinance O‑25‑18, the first reading to levy taxes for corporate purposes for the fiscal year commencing May 2026 and ending April 2027. Staff told members the city intends to keep the tax rate the same as the previous year while the equalized assessed valuation (EAV) has risen, which changes revenue collected even at a steady rate.
Theresa (staff) summarized that keeping the rate the same allows the city to continue funding police and fire pensions at the actuarially recommended levels. She also noted the city made the final payment on a library bond, about $150,000 annually, which will be retired and therefore reduce future levy needs.
Council had no further questions and moved O‑25‑18 to a second reading. Members were advised to expect the taxation hearing and additional detail when the levy ordinance returns for final consideration.
