Nonprofit educational foundations

From the 2024 DOR Tax Exemption Study

84.36.050(2) - Nonprofit educational foundations Description Real and personal property owned by a nonprofit foundation that supports an institution of higher education is exempt from property tax. The tax exemption applies only to the property actively used by currently enrolled students. Purpose Supporting nonprofit organization providing support to higher education institutions. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.086 $0.088 $0.090 $0.092 Local Taxes $0.253 $0.268 $0.283 $0.298 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ 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 $0.008 $0.016 $0.017 Assumptions - The total estimated exempt value is $39.5 million. - This repeal takes effect beginning with property taxes due for calendar year 202