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$29.6B of Philly real estate is exempt from property taxes. Should nonprofits be asked to pay up?

September 30, 2019 / Laura McCrystal

The Philadelphia Museum of Art. Lincoln Financial Field. The former Aramark Tower. Together, those Philadelphia landmarks are worth $794 million, according to city assessment records. But they are among the nearly 23,000 properties in Philadelphia exempt from paying property taxes because they are owned by nonprofit or government institutions. In sum, the $29.6 billion value of all exempt properties account for 17% of the city’s total real estate value, according to an Inquirer analysis. Their combined tax breaks equal about $414 million annually.