tax exemption

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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 ?
However, "tax-exempt property is assessed but not taxed," Getty added.
* Vanguard Massachusetts Tax-Exempt Fund (VMATX) declined one basis point to 0.15%.
This item discusses some of the state and local tax (SALT) reporting challenges faced by tax-exempt organizations with passthrough (i.e., Schedule K-l) UBTI from alternative investments.
The league's switch from tax-exempt to taxable does not affect its antitrust exemption, created in the Sports Broadcasting Act of 1961.
The government had restricted GSIS, SSS and other tax-exempt institutions to participate in the secondary market to protect the investing public from fraud or loss as there was no system yet that can tax track transfers of the securities.
"Tax-exempt municipal bonds are often the first choice of communities investing in infrastructure upgrades, but our data shows that every reform proposal under discussion would increase financing costs for water systems and their ratepayers," said AMWA Executive Director Diane VanDe Hei.
Tax-exempt organizations may engage in a variety of foreign activities, including grant-making; using agents in a foreign jurisdiction; sending employees abroad; or establishing a foreign branch.
The number of applications for tax-exempt status was down about 7 percent last year compared to 2010, from 65,648 to 60,980.
In addition, the Compendium includes papers on statistical sampling of tax-exempt organization returns, and other topics relating to tax-exempt organizations and philanthropy that were authored by IRS staff and others who use SOI study data for research.
Organizations failing to file for three consecutive years will automatically lose their federal tax-exempt status.
America First Tax Exempt Investors LP obtained the financing through Freddie Mac's Tax-Exempt Bond Securitization programme.
law has allowed more than $200 million to be donated, tax-exempt, to American charities that aid Jewish settlement beyond the Green Line, the dominant and most persuasive counter-narrative to emerge is: Tax law exempts donations to nearly all charities, for reasons that have nothing to do with the particular substance of specific charities' work.