Word: tax-exempt
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While most university property in Cambridge is tax-exempt, both Harvard and MIT make a payment in lieu of taxes (PILOT) to the city each year. But with the universities combining to account for 10 percent of the city’s real estate, residents and politicians frequently call for the schools to contribute more...
...year deal signed December 3, MIT pledged to limit the conversion of its commercial property to tax-exempt use, a move that city leaders praised for easing concerns that Cambridge would lose millions in revenue if more university land were taken off the tax rolls...
Under a 1990 agreement with the city, Harvard contributes about $1.7 million each year in lieu of taxes, in addition to $4.5 million in property taxes on its non tax-exempt land. While the agreement is set to expire in 2010, Harvard officials and city leaders have been in talks for over a year to negotiate a new deal...
Friday’s report recognized that economic instability over the last few years has heightened pressures on municipal and Massachusetts budgets. But “despite its tax-exempt status, Harvard helps in several ways to bolster state and local government finances,” the report said...
JULIAN BOND, chairman of the N.A.A.C.P., on an IRS investigation into whether his organization can remain tax exempt. The investigation was prompted by a speech Bond made criticizing the Bush Administration. Tax-exempt groups are supposed to remain nonpartisan...