Word: taxed
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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...
Galluccio said Harvard could earn the goodwill of Cambridge residents by agreeing to a generous payment, since MIT’s agreement was focused on preventing property from being taken off the tax rolls, rather than establishing a high annual sum paid to the city...
...agreement states that only 2.5 percent of MIT’s property can be converted to tax-exempt use over the next four decades. It also stipulates that any land that is converted will lose its tax-exempt status incrementally over four years, rather than being removed from the tax rolls immediately, according to MIT Office of Government and Community Relations Co-Director Sarah Gallop...