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 ?
As a result, the city has historically received an above-average level of state payment in-lieu of tax (PILOT) monies similar to other urban cities in the state with a large number of tax exempt properties.
It maintains four tax exempt properties and five taxable properties.