Practical Law Glossary Item 3-547-1767 (Approx. 3 pages)
Glossary
Tax Abatement Program
A reduction or an exemption in the payment of real estate taxes granted by a governmental authority to a real property owner for a specific period of time.
The tax abatement program's purpose usually is to stimulate:
Development of real property.
Renovation of existing buildings.
The reduction or exemption is often phased out over several years, resulting in a gradual increase in the amount of real property taxes payable by the real property owner.