Buildings Sold by Nonprofits Not Tax Exempt

Nonprofit businesses have property tax exemptions, but when they sell their property, does it remain tax exempt? A new law answers that question.

As of July 1, 2014, entities that buy a nonprofit's building and use it for a non-exempt purpose will be required to pay property tax for the next 2014-pay-2015 or 2015-pay-2016 period. This policy reverses on January 1, 2016.

For an explanation of the law and examples of its application, check out this article.