Taxed Off: Private colleges strain municipal budgets

New York’s municipalities and school districts lost out on at least $1 billion in revenue last year because private, nonprofit educational organizations don’t have to pay property taxes. That’s according to a USA Today Network analysis of state Department of Taxation and Finance data, which showed that $36.5 billion worth of property owned by private nonprofit educational organizations was exempt from paying property taxes in 2015. Another $10 billion worth of property, also tax-exempt, belongs to the state university system.

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