Tax-Exempt Property

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Tax-Exempt Property

Real estate that is not subject to property tax. A tax-exempt property may be owned by a government or by a charity, especially a house of worship. See also: Waqf.
References in periodicals archive ?
Tenders are invited for for general assessing and data verification: annual field pick-up work, both new construction and ongoing renovation that shall include on site exterior and interior visits, if required, to validate interior improvements effecting property values; continuation of a five (5)yr cyclical review of all taxable and tax-exempt properties (approx 20% of the total properties each year) that consists of on site exterior and interior visits to all inspected property to update any and all improvements to the property card, along with taking digital photographs of the property.
With all the tax-exempt properties in the city, we're basically collecting 70 cents on the (tax) dollar.
After appealing to the Supreme Court, the hospital settled with the city, agreeing in 2008 to pay $120,000 per year for 15 years to offset its tax-exempt properties.
While government owned real estate is tax-exempt and provides a distinct service, most other tax-exempt properties provide virtually little or no benefit to the average local taxpayers.
Appendixes contain the spending surveys and a list of taxable and tax-exempt properties owned by the college.
NLC surveyed the impact of tax-exempt properties on municipal finances in 173 cities and found that foregone property tax revenues averaged an amount equal to 13.
In a special analysis of the impact of tax-exempt properties on municipal finances in 173 cities, the survey found that the average city estimated a loss in foregone property tax revenues of an amount equal to 13.
In the future, we anticipate looking at new sources of payments in lieu of taxes among currently tax-exempt properties.
An annual review of tax-exempt properties in 1992 by the assessor's office coincided with a mapping project of the airport area.
The utility transfers allow the city to collect some revenue indirectly from tax-exempt properties (over one-half of the city's property is tax-exempt) and provides the city a diverse revenue base.
Tenders are invited for Qualified contractors for an update of values of all taxable and tax-exempt properties situated within the city.
Worcester has long played second-fiddle to Boston in so many areas over the years, but when it comes to tax-exempt properties the Heart of the Commonwealth actually holds the bragging rights.