payments in lieu of taxes
A term to know.
Compensation to a local government of a portion of tax revenue lost because of the nature of ownership of real property. In the context of the charitable world, it is compensation for forgone real property tax revenue because the owner is a tax-exempt entity.
Synonyms:
PILOT, PILT, payment in lieu of taxes
Synonyms list
(a comma-separated list)
PILOT, PILT, payment in lieu of taxes