Columbia, NYU Property Tax Exemptions Target of NY Legislation

Columbia University and New York University could lose longtime New York City property tax exemptions under proposed legislation that supporters say could send hundreds of millions of dollars annually to the City University of New York.

A projected multibillion-dollar state budget deficit and ongoing fiscal problems at the city level mean the time has come for the two institutions to lose unique tax breaks, said state Sen. John Liu (D), who is sponsoring two proposals to enact the idea.

Columbia and NYU receive exemptions on hundreds of properties they own, which bill supporters have said costs the city more than ...