That’s how much UVA contributes to the area’s economy. Now that is sustainability.
UVa is tax exempt, but if it had to pay, Charlottesville would have received $4.6 million and Albemarle County would have received $6.9 million in taxes. The university’s foundation, on the other hand, paid $189,694 in property taxes to Charlottesville and $1.1 million to Albemarle County for holdings like the Boar’s Head Inn. In 2005, the total value of taxable real estate owned or rented by faculty, staff and students at UVa was $3.3 billion — and UVa paid $23.3 million in property taxes divided almost equally between the city and county.
Update: 7/1/2007: My favorite line from Bob Gibson’s article in the Daily Progress:
UVa’s dollar clout is massive, as are its less measurable contributions to, and impacts on, the area. Only Jefferson’s ghost and God are larger shapers of the area’s collective mind and spirit.