Friday, February 07, 2014

Nonprofits In California claim $122 billion in property-tax exemptions

The Sacramento Bee reports:
Churches, affordable-housing projects and other California nonprofits avoided property taxes on $122 billion in assessed value in 2013-2014 thanks to the state's welfare exemption for nonprofits, according to a recent report by the Legislative Analyst's Office.

The $122 billion represents about 3 percent of all taxable property value in California and translates into about $1 billion in lost revenue for cities and counties.