As someone else pointed out, property tax is entirely different and does not fall under the category of "federal tax" (it's actually at the county level with ci

As someone else pointed out, property tax is entirely different and does not fall under the category of "federal tax" (it's actually at the county level with city level additions). EPA is getting property tax. If they were a normal real estate company (not an REIT) and they were based in Palo Alto with properties in East Palo Alto, East Palo Alto still wouldn't see a dime of any non-property tax.