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:
“In the true mythology, Love is an immortal child, and Beauty leads him as a guide: nor can we express a deeper sense than when we say, Beauty is the pilot of the young soul.”
—Ralph Waldo Emerson (1803–1882)