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Finance Committee revives PILOT (payment‑in‑lieu) draft; staff proposes $4 million property exemption and phased contributions
Summary
Committee members reviewed a working draft of a voluntary PILOT (payment in lieu of taxes) pilot policy for nonprofit properties that would exempt the first $4 million of assessed value and calculate contributions as a share of municipal service costs, phasing in payments over multiple years.
The Finance Committee on June 18 returned to a draft voluntary pilot policy (payment in lieu of taxes, PILOT) aimed at creating a uniform framework for voluntary contributions by nonprofit property owners.
Staff presented a working draft that would apply equally to current and future nonprofit institutions and would exempt the first $4,000,000 of assessed value for each property. The draft recommends calculating a pilot payment by first determining the taxable value above the exemption, applying the current…
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