For the properties that the TLC owns, do they pay the regular property tax rate, or do they get a reduced rate somehow?
The norm for a land conservancy is to seek a permissive tax exemption which is normally granted. This can have problems. In the early 1990s there was a large piece of land in a north island community that was purchased by a land conservancy and it was going to have a major impact on their finances.
In the case of TLC, I have not checked to see if they have sought this in the past and if it can apply to all their properties. Abkazi gardens seem to be a revenue generator for TLC and should therefore not be getting the exemption.