property tax abatements

Property tax abatements are reductions or temporary exemptions from property taxes granted by local governments to encourage specific activities like new development, renovation, or investment in certain areas. They lower the amount of property tax a property owner pays for a set period, making projects more financially feasible. Typically, these abatements aim to stimulate economic growth, revitalize neighborhoods, or promote affordable housing. After the abatement period ends, the property owner resumes paying full taxes. This incentive helps attract and retain investments that benefit the community while providing economic benefits to the property owner.