In a recent client alert, our real estate group reported on an ordinance passed by the city on rules requiring that nonprofits file forms annually in order to maintain a real estate tax exemption. The ordinance required that nonprofits complete and submit an extensive list of documentation. In response to pending legislation by city council, the OPA has simplified the real estate tax exemption filing process.
FIRST – The deadline for filing has been extended from March 31, 2015 to June 1, 2015.
SECOND – The documentation required to accompany the OPA form is a copy of the 501(c)(3) letter or “other proof” of tax exempt status. At this time, the OPA has not specified what is meant by “other proof.”
THIRD – Although the OPA hasn’t confirmed, if the exemption is for a church, filing may only be required every three years.
If you have any questions about what to file or when, in order to preserve a real estate tax exemption, call Bernie Kolodner, Practice Leader of Kleinbard’s Real Estate Group, at 215-496-7226 or send an email to bkolodner@kleinbard.com.
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