Word: exempted
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City councillors accused Cambridge universities of cheating the city out of tax revenue by conducting for-profit research on tax-exempt property at a meeting of the council’s University Relations Committee yesterday...
...profit status, the city of Cambridge loses out on over $30 million worth of property taxes per year. In an agreement reached in 1990, Harvard had been paying the city an annual PILOT of $1.7 million in addition to the $4.3 million it already pays on non-exempt land. Under the new agreement reached Monday, Harvard will pay $2.4 million in 2006 with provisions for periodic increases over the 50-year settlement. The city has estimated that the deal could be worth over $255 million over the five decade period...
...University paid $4.5 million in taxes to the city last year for its property that is not tax-exempt. Under the new deal, if the University decides to convert any of its taxable property to educational use, it will continue to pay the city as much as it would have paid in taxes, with a 3 percent annual increase...
...Monday’s meeting, Councillor Brian P. Murphy ’86-’87 praised the agreement as “terrific,” adding that Harvard is not legally required to pay the city any money on its tax-exempt land...
Under a 40-year deal signed December 3, MIT increased its voluntary payment to $1.5 million with a 2.5 percent annual increase. In another major part of the agreement, MIT pledged to limit the conversion of its commercial property to tax-exempt...