"They almost operate like a hedge fund that conducts classes"

Farther afield, but maybe interesting because this issue pops up here, too: A group residents in Princeton (the municipality) are suing to challenge the tax-exempt status of Princeton (the university) -- and they argue that if the school paid its "fair share" of taxes, annual property taxes for homeowners could fall by one-third. The school argues that it's already municipalities largest tax payer and also provides other benefits to the community. [Bloomberg]

Comments

Schenectady's exposure is far less than Troy's, with so many colleges/universities and hospitals located there that are off the tax grid. Normally these tax exempt entities contribute annually to help support municipal services and activities. They don't have to, but not contributing to municipal will not make you a good neighbor. Bad neighbors get slow permit reviews, slow emergency response times, and an overall bad local rep - who wants that? Rather than threatening legal action, (which will fail), municipalities should try working aggressively with the tax exempt operations. They usually have money to use for such support.

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