“There is no reason for these property tax exemptions”
Nonprofit universities are not required to pay property taxes on much of their land and non-commercial buildings, an exemption that some cash-strapped cities want to end. Supporters of the exemption say the schools provide a number of services that local governments would otherwise have to make available. A key takeaway:
Princeton University agreed last year to pay $18 million to settle a lawsuit that sought to eliminate the school’s exemption from property taxes.