Wednesday, June 13, 2018

Getting It Right

Yesterday, in my post about the Galvan Foundation's request for tax exemption for some of its properties, I raised the question of how buildings could be wholly tax exempt from property taxes when they had commercial space that was rented to for-profit enterprises. Today, I received an answer to my question from Dan Kent, Vice President for Initiatives at the Galvan Foundation. It turns out the notion that the buildings will be "wholly exempt" is inaccurate for three of the six buildings: 201-203 Warren Street, 202-204 Warren Street, and 364-366 Warren Street. The following is quoted from the email received from Kent:
Galvan Foundation requests tax exemption for spaces occupied by nonprofit organizations or used to further our mission to promote housing affordability. This year we requested exemption for spaces occupied by Bard Early College Hudson, National Young Farmers Coalition, Berkshire Union Free School, and residential units rented at below market rents.
Galvan Foundation does not request tax exemption for spaces rented at market rate to commercial or residential tenants. We request partial tax exemption on a proportional basis for buildings with a combination of market rate space and space for nonprofit organizations and/or affordable housing, such as 201-203 Warren Street, 202-204 Warren Street, and 364-366 Warren Street.
A sign in front of the building indicates that Bard Early College Hudson and National Young Farmers Coalition are located at 364 Warren Street. Presumably Berkshire Union Free School is also located there. The three properties that are exclusively affordable housing are 67-71 North Fifth Street and 325 and 327 State Street. 

1 comment:

  1. As a business with a triple net lease that happens to pay a great deal of real estate taxes, I appreciate your clarification of this post. HH