Imagine if NPO's (non-profit organization) were taxable. Imagine if Wusta's sanctimonious colleges and universities paid commercial taxes. A small percent of their profits would fill the city's coffers, money for every politicians pet project. Maybe for a cut in commercial tax rates. Then, according to Beth "I sell cars for a living" Proko watch as corporations flock to Wusta. Jobs for everyone! One problem, it'll never happen.
Put some financial data together about the colleges from their 990's and student and employee data from the Worcester Consortium. Unfortunately can't get current employee salary data or state school data. At one time the Consortium made all school's data publicly available.
Note which schools pay PILOT and which don't. In particular how much they pay relative to their revenues - a pittance. In 2009 their total "profit" was $50,200,000. About 9% of the city's 2009 budget. They can't help out? A measly million maybe?
Imagine if they were taxed (the fixed assets are reported at cost, not market) there'd be $45 million of additional revenue from the private schools. If valued at market they'd pull in ca. $55-65 million. As it stands, the city gets a whopping $532,000 annually, or 1.18% of the potential tax levy.
How come the WRRB hasn't taken up PILOT as its crusade, instead preferring to target homeowners?
Anyway, the new property assessments will be coming out soon. Buckle in!
