Word: taxed
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...agreement—which comes on the heels of a deal the city reached with MIT last month—means that Harvard will pay the city about $2.4 million in 2006 to compensate for its tax-exempt property. The accord has provisions for regular increases that could bring the annual payment to nearly $10 million by the end of the 50-year agreement...
...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...
Although senate Republican co-president Jeff Lamberti says he can't think of a "better way to send the message to young people that we want them," his constituents are skeptical. Older voters complain that the proposed tax reprieve smacks of ageism, while many younger residents who would benefit say it would be nice but ineffective. "As a taxpayer, yeah, I'd like to save $1,000 or more," says Adam Cooley, 23, a recent grad working in Cedar Rapids. "But the job opportunities need to be there." Voters in North Dakota agreed in 2002, rejecting...