tax-exempt property

tax-exempt property definition - business

tax-exempt property

Real property that is not subject to ad valorem taxes. Local communities typically exempt from taxation property owned by religious organizations, educational institutions, nonprofit institutions, and various levels of government. A 2002 report by the city of Boston, Massachusetts, indicated half the city's land area was exempt from taxation.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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