Nonprofit medical research facilities

From the 2024 DOR Tax Exemption Study

84.36.045 - Nonprofit medical research facilities Description Property taxes do not apply to real and personal property owned or used by a nonprofit corporation or association that provides facilities for medical research and training free of charge. Purpose Supporting nonprofit medical research and training facilities. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $8.719 $8.929 $9.145 $9.368 Local Taxes $25.793 $27.236 $28.763 $30.379 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.798 $1.564 $1.641 Assumptions - The total estimate exempt value is $4 billion. - This repeal takes effect beginning with property taxes due for calendar year 2025. - Growth rate mirrors the property tax growth rate reflected