Wednesday, August 18, 2010

Are all retirement homes tax exempt?

In Georgia, a “nonprofit home for the aged” is exempt from property tax if the institution has no stockholders, income, or profit distributed to a private person, and is classified as a 501(c)(3).

But the exemption does not apply to “property of a home for the aged held primarily for investment purposes or used for purposes unrelated to the providing of residential or health care to the aged” (O.C.G.A. § 48-5-41(a)(12)(B)).

Which is why Columbus says it's going after the Spring Harbor continuing care community for taxes owed. WRBL offers this interesting report, at least interesting to fellow tax geeks.  (Note:  for some reason it'll take about 10 seconds after clicking play before this video starts.)

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