Tax-Exempt Property

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 ?
As the amount of tax-exempt property has grown in recent years, it has placed a greater burden on the city's tax-paying property owners to fund the municipal government and services.
It therefore was no surprise Tuesday night when the council once again brought up, for the umpteenth time over the past how-many years, the idea of having tax-exempt property owners make voluntary payments to the city for the municipal services they receive.
County assessment records show that the tax-exempt property has a real market value of $3.
Reimbursement for Tax-exempt Property - In municipalities with a high percentage of tax-exempt property, owners of taxable property are paying for both their own municipal services as well as the services provided to tax-exempts.
David Johnson ( partner at Gerald Eve in Newcastle ( examines the Government's announcement it will push ahead with Real Estate Investment Trusts (REITs), tax-exempt property investment vehicles which could result in a rush of money into property.
Last year, NLC's City Fiscal Conditions in 2000 annual survey reported that the fair market value of tax-exempt property for responding cities totaled $177 billion, resulting in foregone property tax losses of $2.
An additional proposal would be to increase the amount of tax-exempt property in, say, $2,500 yearly increments, preferably forever.
The tax-exempt property would then be leased back to Silverstein who would sublease it to the non-profit tenants for below $20 per square foot.
4% of taxable assessed value due to the large proportion of tax-exempt property.
What is even more alarming in some regards is that Worcester's percentage of tax-exempt property valuation has grown from 22 percent in 2003 to 31 percent today, according to AWARE.
In the first week of a two-week report Richard Freeman-Wallace ( head of property at Watson Burton in Newcastle ( examines the Government's announcement it will push ahead with Real Estate Investment Trusts (REITs), tax-exempt property investment vehicles which could result in a rush of money into property.
Other issues to be looked at include: what strategies will be needed to address the likely further evolution of political pressure to limit taxation; the applicability of sales taxes to services and the limitation in property tax revenues caused by increases in non-profit, tax-exempt property, circuit breakers, mandated lids or other methods.