Tax Abatement

Tax abatement is a reduction or elimination of taxes granted by a government to encourage investment or development in a specific area. It often applies to property taxes and can be offered to businesses or homeowners to stimulate economic growth, attract new residents, or revitalize neighborhoods. By lowering tax burdens, local governments hope to foster job creation and enhance community development. Abatements are typically time-limited and can vary significantly depending on the project or location, aiming to balance economic benefits with potential revenue loss.