EXEMPTING EDUCATIONAL INSTITUTIONS FROM TAXATION

Assembly Constitutional Amendment 47. Amends Section 1a of Article XIII. Exempts from taxation the buildings and equipment of any educational institution not conducted for profit, and its securities and income used exclusively for educational purposes; if such institution be of collegiate grade, also exempts its grounds within which its buildings are located, not exceeding one hundred acres in area. If such institution be a private institution of less than collegiate grade, the exemption of such grounds is limited to ten acres