tax exemption

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Related to Tax exempt status: Form 1023

Tax Exempt

Describing income or organization that is not subject to taxation. Examples of tax exempt organizations include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.
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tax exemption

A reduction in the assessed rate of real property for purposes of calculating ad valorem taxes.Properties used for religious purposes usually have a 100 percent reduction,resulting in no tax liability. Additional exemptions might be granted for other uses, such as for a personal residence,timberland,or conservation land. One must generally apply for exemptions; they are not granted automatically.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The Federal Court of Appeals ruled in principle that the authorities cannot revoke tax exempt status on donations to organizations that operate in the territories.
The IRS has issued, for internal purposes, a book dealing with the tax exempt status of health care organizations that is used primarily for training and auditing purposes.
A May report by the IRS inspector general said the agency gave extra scrutiny to 298 groups when they applied for tax exempt status from the spring of 2010 to the spring of 2012.
It reads in part, "OTGH agrees to the two-year revocation of tax exempt status, based on the IRS finding that it engaged in political activity, and the payment of $50,000 for tax deficiencies."
The roll also includes a sprinkling of other property types whose owners requested a hearing "on the papers," including "walk-in" hearings at borough offices, and decisions on those properties requesting tax exempt status.
The agent, Robertson said, recommended against granting the Coalition tax exempt status as a 501(c)(4) group, but her recommendation was not carried out.
"As a commercial condominium, the ownership opportunity at Two Dag Hammarskjold Plaza allows organizations such as missions and consulates to benefit from their tax exempt status, stabilize their occupancy costs, control their office and residential environments, and make a wise and timely investment in the market."