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.
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