Providence Loses Millions More in Tax Revenue - See the Properties
Thursday, November 20, 2014
See the university-owned properties that are coming off the tax rolls in the coming years and how much the Providence stands to lose in revenue.
Related Slideshow: Providence College and University Tax-Exempt Properties
Below is a breakdown of how much revenue Providence will lose as properties recently purchased by four local colleges and universities are gradually phased off the tax rolls, rather than taken off immediately, in accordance with a 2003 set of agreements. The colleges agreed to pay full taxes for five years, then two thirds for the next five years, and one third for the remaining of 15 years. After that, the properties go off the tax rolls permanently. The first slide shows the total revenue decline in five-year increments. The second shows the total revenue loss over the entire 15-year period. The subsequent slides show for each of the colleges and universities lists the properties they own which fall under the agreement and how much each one is paying in total now and will be paying in the future. Data was obtained from the city Internal Auditor.
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