A nonprofit New Jersey hospital will pay $15.5 million to its hometown and give up a tax exemption on nearly a quarter of its property as part of a deal to settle a long-running legal dispute, the Morris County Daily Record reports. The pact was announced Wednesday, four and a half months after a state Tax Court judge upheld Morristown, N.J., officials’ 2008 decision to deny Morristown Medical Center a municipal tax exemption because, the town said, the hospital effectively operated like a business.
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