State lawmakers will unveil legislation on Tuesday that would eliminate enormous property tax breaks for Columbia University and New York University, which have expanded to become among New York City's top 10 largest private property owners.
The exemptions which apply to universities, museums and other nonprofits are nearly 200 years old and part of the state constitution. Overriding them would mean lawmakers would have to adopt the changes in consecutive legislative sessions. Then, voters would have to approve them on a statewide ballot.
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