- A New Jersey judge last Thursday ruled that a lawsuit against Princeton University demanding an end to its tax-exempt status may proceed.
- The suit was filed by neighboring Princeton Borough residents, who argue that $118 million in patent royalties and $30 million in profits that went to faculty in 2011 mean the institution should not enjoy tax-exempt status under state law.
- Princeton University spokesman Martin A. Mbugua told The Huffington Post that "the purpose of tax exemption is to allow the university to devote its resources to this mission" and he expects the school to successfully defend itself in court.
From the article:
... If all the university's land was taxed, the school's annual property tax billwould be roughly $28 million, Princeton Borough Councilman Kevin Wilkes said in 2010. ...