PILOT (finance)
A PILOT is a payment in lieu of taxes (also sometimes abbreviated "PILT"), made to compensate a local government for some or all of the tax revenue that it loses because of the nature of the ownership or use of a particular piece of real property. Usually it relates to the foregone property tax revenue.
Read more about PILOT (finance): Canada, United States
Famous quotes containing the word pilot:
“Whenever the weather licks the pilot instead of him lickin’ the weather, he’s finished. The first time makes the second time easier. And the first thing he knows, he’s in trouble when the weather is perfect.”
—Frank W. Wead (1895?–1947)