Thursday, April 30, 2009

More on PILOTs

Yesterday I posted about an article in the Princetonian reporting that a citizens' group is pressuring Princeton U. to make more voluntary payments in lieu of taxes to the city of Princeton local government. Today, the mayor of Boston provides a column about PILOTs in that city.  The column notes that Boston's property tax assessment department recently completed a study of property owned by large exempt nonprofits (e.g., universities and medical centers):


The report finds that in fiscal year 2009, the tax-exempt property owned by the educational institutions was valued at $7.0 billion, which, if taxable, would have generated $190.2 million in property taxes for the City of Boston. Tax-exempt property owned by the medical institutions was valued at $5.7 billion, which, if taxable, would have generated $154.8 million in property taxes for the City of Boston. 


Under current PILOT agreements, educational institutions will pay Boston $8.7 million in fiscal year 2009, or 4.6 percent of their estimated tax liability if taxable. Medical institutions will pay an estimated $5.8 million, which represents 3.8 percent of what they would pay if taxable.   Not surprisingly, the mayor concludes that maybe these institutions should be doing more . . . 

JDC

http://lawprofessors.typepad.com/nonprofit/2009/04/more-on-pilots.html

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