Word: tax-exempt
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After years of complaining that area universities do not pay enough to the city government, the Cambridge City Council took action last night and ordered a report on the amount of money that the city loses due to the tax-exempt status of the schools...
Aimed to dispel notions that tax-exempt universities displace neighborhoods and deprive cities of their rightful property tax revenue, the report emphasizes the universities’ steady growth even in times of economic recession...
...effort to dispel the idea that tax-exempt, land-eating universities rob towns of their rightful revenue, Harvard and seven other area schools will release a report today declaring that Boston-area research universities pump more than 7.4 billion dollars into the regional economy each year...
...University maintains its tax-exempt status on land holdings that would otherwise generate $35 million in tax revenues per year...
...said 51 percent of Cambridge land is already tax-exempt and that as the University grows, the city loses funds from property taxes...