Property Tax Rebate Program

Eligible Properties: Real property within the City of Princeton containing commercial buildings, which have been renovated, rehabilitated, or expanded. The rebate shall pertain only to those parcels upon which a commercial business operation is operated which results in the payment of Retailer's Occupation Tax as a result of activities conducted on the property.

Property Tax Rebate Conditions: The property tax rebate will only apply to the City portion of the tax bill. Recipients must receive formal written approval from the City before being eligible for the rebate. If the business owner is not the property/building owner, then a joint application is required.

In order for rebates to be issued, property owners must pay the tax bill in full and present a copy of their property tax statement, a receipt demonstrating the tax bill has been paid, a summary of invoices for the project being presented, and proof that invoices have been paid. The City reserves the right to inspect any project upon final completion.

Term: Only projects started after January 1, 2004 are eligible for the rebate program. The property owner has up to 10 years to realize the full rebate amount.

Maximum Rebate: 25% of the actual amount expended, up to a maximum of $2,500.

City of Princeton Tax Rebate Conditions: The cumulative annual rebates distributed under the program shall not exceed one percent (1%) of the total ad valorem taxes received by the City in any given year.

Eligible Costs: Costs related directly to the renovation, rehabilitation, or expansion of commercial buildings within the City of Princeton.