Possible UMass Property Tax Loss Worries Worcester
WORCESTER, Mass. (AP) — Worcester officials say they are concerned about a possible loss of millions in property taxes with the sale of land and buildings to nonprofit subsidiaries of the University of Massachusetts Medical School.
The Telegram & Gazette reports that the subsidiaries paid $40.2 million at the Massachusetts Biotechnology Research Park in Worcester.
Under state law, the subsidiaries will not be required to pay property taxes. Worcester officials say the loss could be between $1.5 million and $1.8 million.
City Manager Michael V. O’Brien said Saturday the city wants more details from UMass about its plans and if taxes will continue to be paid.
Mark Shelton, a spokesman for the medical school, said UMass officials intend to discuss the transaction in more detail with the city. He said property taxes are paid through June 30.