Nonprofit fund-raising to support artists

From the 2024 DOR Tax Exemption Study

84.36.650 - Nonprofit fund-raising to support artists Description Property tax does not apply to real and personal property owned by a nonprofit organization that raises funds to support individual artists if: - The organization is nonsectarian. - The organization is a 501(c)(3). - The organization has at least 8 board members. - The organization uses funds for grants, fellowships, information services, or education resources for individual artists. - If the property is leased, the exemption’s benefit is realized by the lessee. Purpose Assisting nonprofit organizations that support artists. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes Minimal Minimal Minimal Minimal Local Taxes Minimal Minimal Minimal Minimal 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