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Am I reading this correctly? A non-profit can buy real estate property and not pay taxes on the property? Is this investment property, or property being used for university usage?

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That's why churches can remain where they are, often in very desirable locations.

It is also why charity shops annoy people so much, they can afford to run rather easier whilst skipping out on chunks of business rates etc

Who's annoyed?

Mostly their competitors, and perhaps people who would prefer more upscale shopping.

Or maybe people who like roads, firefighters, police ....?

It is both, it is the nature of mega universities as the operating arm of large trusts. Northwestern is receiving similar pushback from Evanston, IL.

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