Final answer:
Buildings that are exempt from real estate taxes include properties occupied by colleges, churches, and other nonprofit organizations.
Step-by-step explanation:
Buildings that are exempt from real estate taxes include properties occupied by colleges, churches, and other nonprofit organizations. These buildings are considered tax-exempt because they serve a public or charitable purpose. For example, in Boston, almost 50% of the assessed value of property is tax-exempt.
Property taxes are imposed by most local governments based on the fair market value of the property. This tax is generally imposed only on real estate, though some jurisdictions may also tax certain forms of business property.
Overall, property tax rules and rates vary widely, and exemptions can be granted for buildings that have a specific purpose or benefit the community in some way.