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The Student News Site of Ithaca College

The Ithacan

35° Ithaca, NY
The Student News Site of Ithaca College

The Ithacan

The Student News Site of Ithaca College

The Ithacan

Key points

  • Cornell owns about $8 million of taxable property in the City of Ithaca and pays about $96,000 in taxes.
  • Cornell owns $2.7 billion in tax-exempt property.
  • If all of Cornell’s properties were taxable and Cornell paid the tax rate for 2023 — which is $12 per $1,000 in property value — it would pay roughly $32.5 million in taxes.
  • If Cornell University and Ithaca College paid taxes on all their properties, the property tax for an average house in Ithaca would drop between 40–45%. 
  • Under the current MOU, Cornell contributed a $1.6 million PILOT to the city in 2023.
  • Ithaca must set the tax rate and budget for 2024 and Cornell has said it will contribute nothing if the city does not accept its offer of $4 million annually. 
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