501c3 Ownership partnership and Property Taxes

[Johnny Reber]

Hi Bigger Pockets Team,

          My business partner and I currently own a College student rental in Southern California. We are looking at donating 1% of the property to a Non Profit to partner with and create a Faith Based Fellowship home for college students. My current understanding is that within a partnership, if a non profit owns 1% of the property, it will alleviate the property taxes.

        Does anyone here have experience partnering with a non profit on a property? Does the 1% allow you to alleviate the property taxes? We are using Redemptive Real Estate to try  and allow the non profit to own a Property that will essentially act as a permanent endowment, that will fund other Multi Family properties they plan on purchasing in the future. The non profit does supportive housing in our town. Our long term plan is that the non profit will eventually become the majority owner, buy us out of this project, so we can move on to other investments.