Word: exempt
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Draper is a non-profit, tax-exempt corporation whose "principal endeavor continues to be the application of inertial guidance technology to the development of strategic systems for the Air Force and for the Navy..." the annual report states...
...exempt status of the lab doesn't take any property off the city tax rolls--the owner of the land, Cabot, Cabot and Forbes, pays taxes on it, Franklin King, vice president of the company, said yesterday...
...report shows Harvard added 631,172 square feet of taxable property and 1,333,386 of tax-exempt property to its total of more than eight million square feet of property in Cambridge...
...first solution means little to Cambridge--the city is already densely packed, six square miles of solid civilization. There is little room for expansion of the industrial base that might come if taxes were lowered, especially since half the city's land is owned by tax-exempt, non-profit institutions. Besides any business that would be lured by low taxes is already here--Cambridge routinely offers tax breaks to attract new companies...
...University had lobbied since January for an amendment to the bill that would have allowed the builders to issue tax-exempt bonds to ease some of the burden of MATEP's $150 million price...