Real property tax exemptions cost local and state governments more than $1 billion in forgone tax revenue during 2024, a new state audit reports.
Acknowledging that their conclusions should be interpreted as rough estimates because they rely on significant assumptions, state auditors reported that local government lost $1 billion in revenue and the state didn’t collect $12 million in property tax revenue.
The auditors noted that just a few of those exemptions were for economic development projects.
The auditors found . . .
SSJ
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