Income or property that is tax-exempt is income or property that you do not have to pay tax on.
About 15 percent of the township's property is tax-exempt.
tax-exempt in British English
adjective
1.
(of an income or property) exempt from taxation
2.
(of an asset) earning income that is not subject to taxation
tax-exempt in American English
(ˈtæksɛgˈzɛmpt)
adjective
1.
exempt from taxation; that may not be taxed
2.
producing income that is exempt from taxation
tax-exempt bonds
tax exempt in Accounting1
(tæks ɪgzɛmpt)
adjective
(Accounting: Tax)
If an income or property is tax exempt, you do not have to pay tax on it.
Because the interest income from some bonds may be tax exempt, the housing authority pays a low interest rate to bondholders.
Probably the most efficient tax system of all is an expenditure tax, under whichall savings would be tax exempt.
If an income or property is tax exempt, you do not have to pay tax on it.
tax
tax exempt in Accounting2
(tæks ɪgzɛmpt)
adjective
(Accounting: Tax)
If an asset is tax exempt, it is earning income that is not subject to taxation.
There is a statutory rule in the US that denies a deduction for expenses incurredin connection with tax-exempt income.
The increase in interest income is primarily the result of changing the Company'sinvestment portfolio from tax exempt securities to taxable securities.
If an asset is tax exempt, it is earning income that is not subject to taxation.
tax
Examples of 'tax-exempt' in a sentence
tax-exempt
Most dissolution clauses require that all liabilities be paid prior to distributing remaining assets to another tax-exempt organization.
Christianity Today (2000)
Remember that it is up to the taxpayer to prove that the source of income is either tax-exempt or has been declared.