Princeton Since Consolidation
Princeton is one municipality now, but it was two until January 2013, when the old Borough and the surrounding Township merged. The Census Bureau's land figure tells the story: the 2010 Princeton was under two square miles, while today's covers about eighteen. Roughly 31,500 people live here, alongside Princeton University and the Institute for Advanced Study. A little over half of homes are owner-occupied, and nearly one resident in four had moved in within the previous year.
- 31,469residents estimated for July 2025 (30,681 in 2020)
- 55.4%owner-occupancy rate (ACS 2020–2024)
- $1,050,600median owner-occupied value, 2020–2024 survey
- $2,636gross rent at the median, per month
Data: U.S. Census Bureau QuickFacts, Princeton, New Jersey (value and rent from the 2020–2024 American Community Survey).
That median, above a million dollars, is far beyond the Mercer County figure of $377,700, and it still says nothing about one particular property. A house that needs a full renovation, sits in a historic district or comes with tenants is priced on those facts. We see it once and put one number in writing.
The Three Items Princeton Requires
The municipality publishes a short list for sellers. Most will need all three, and each has fees that rise as the closing gets closer.
| Item | Office | Cost and timing |
|---|---|---|
| Certificate of Smoke and Carbon Monoxide Alarm Compliance | Bureau of Fire Safety (609-497-7646) | $50 per unit for the inspection, which includes one re-inspection, plus a certificate fee of $45 per unit when the application is complete more than 10 days before closing, $90 at 4 to 10 days, $161 inside 4 days |
| Construction Records Clearance | Building Department (609-921-7078) | $35 if requested 11 to 20 business days ahead, $70 at 6 to 10, $125 at 1 to 5; check or exact cash |
| Sewer certification | Princeton Sewer Operating Committee | $20 affidavit that sump pumps, roof drains and other surface or groundwater drains are not tied into the sanitary sewer; $50 if you ask for an inspection; allow 7 to 10 business days |
The records clearance matters more than its small fee suggests. It is meant to surface open permits and unfinished construction work, and an addition or finished basement done without final sign-off can stall a sale to a buyer with a lender. The sewer affidavit is a statement about the plumbing: if a sump pump discharges into the sanitary line, the owner should not sign that it does not.
When you sell to us, we file all three, pay the fees and deal with what they turn up. Open permits and a sump pump that needs re-routing become our work after closing, and our figure is set with them in mind. If we plan to renovate or rebuild and nobody will occupy the house in between, the Bureau of Fire Safety's practice is to issue a letter saying no alarm certificate is needed.
Taxes and the Sewer Charge
Princeton's Tax Collection office at 400 Witherspoon Street bills both property taxes and sewer charges. Both fall due quarterly, on February's first day and then the first days of May, August and November, with a ten-day grace period; a late payment is charged interest of 8% on a balance under $1,500 and 18% on larger ones, counted back to the due date. Taxes and sewer are paid separately online, and the office reminds sellers who use its autopay to cancel it when they sell so a withdrawal does not hit after closing. A 24-hour drop box sits in the police lobby at 1 Valley Road.
Princeton's 2025 effective tax rate of 1.814 per $100 was the lowest in Mercer County (the general rate was 2.733). On a high-value house, though, even a lower rate makes for a large quarterly bill, and arrears add up fast. Any unpaid balance or tax sale certificate is paid out of the proceeds at settlement; our tax lien guide covers the process.
Water for most of the town comes from New Jersey American Water, while the sanitary sewer system belongs to the municipality's own Sewer Department. We request the final water reading and confirm the sewer account is current before the deed is signed.
The Seller Fee on Sales Over $1 Million
Because so many Princeton homes are worth more than $1 million, the state's graduated percent fee comes up here often. From July 10, 2025, the state takes a percentage of the full price from the seller once a sale reaches $1 million. The rate steps up with the price: 1% between $1 million and $2 million, 2% from there to $2.5 million, 2.5% up to $3 million, 3% until $3.5 million, then 3.5% for anything higher. That is owed alongside the standard realty transfer fee. Our written offer lists both, so the comparison with a listing is net to net.
Out-of-state owners also face an estimated income tax collected at settlement, a payment equal to 10.75% of the gain, though never under 2% of what the buyer pays. A Princeton house bought decades ago can carry a large gain, so it is worth talking to a tax adviser before choosing a sale date.
Historic Districts
Princeton has locally designated historic districts with their own review. Exterior changes or new construction in a district or its buffer zone call for a preservation plan filed with the Office of Historic Preservation, at a $75 filing fee, and in some districts even repainting a house a different color needs approval. Ordinary repairs with the same materials do not. None of this blocks a sale, but it does slow down a buyer who plans to renovate. A designated house can come to us untouched; any preservation review then becomes our concern.
Rentals and Student Housing
Princeton does not have rent control. It does require every rental to be registered with the Office of Rental Housing Inspections, and single and two-family rentals are inspected every two years for a Certificate of Compliance. When a rental changes owners, the new owner has to register; a valid certificate carries over, while an expired one means a fresh interior and exterior inspection. The alarm certificate is separate and is needed at every change of occupancy. Rooms and flats rented within a house need zoning approval first.
Tenants stay when we purchase, academic-year leases included. Selling is not a lawful reason to end a New Jersey tenancy, and each deposit, plus its interest, is credited to us on the settlement statement. See our rental property page for how that works.
How a Princeton Sale With Us Goes
- Start with the basics: the address, its condition, whether anyone lives there, your deadline.
- A single walk-through, then our cash figure in writing, usually by the next day.
- We file the alarm, records and sewer items and order every payoff.
- The closing statement shows the transfer fees, the graduated fee if it applies, and what you net.
- Closing is on the date you set, in a title office or with a notary where you are.
Princeton is one of the twelve municipalities on our Mercer County page. We also buy nearby in Lawrence Township and Hamilton.
An estate for a Princeton resident is probated through the Mercer County Surrogate, 175 South Broad Street in Trenton, 609-989-6331. Central Jersey Legal Services, (609) 695-6249, helps qualifying owners and tenants with foreclosure and housing cases. Seniors and families looking after them can call the Mercer County Office on Aging at 609-989-6661.