tax abatement


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tax abatement

The reduction of real estate taxes on a property; usually accomplished by means of a reduction in its assessed value.
References in periodicals archive ?
Extending and expanding our senior citizen tax abatement program is a continuation of the City's commitment to providing resources and financial assistance to our seniors," said Mayor Walsh.
77, a tax abatement possesses three essential characteristics:
77, Tax Abatement Disclosures, requires governments to disclose information about their own tax abatements separately from information about tax abatements that are entered into by other governments and reduce the reporting government's tax revenues.
The company has requested a tax abatement to build a 100,000-square-foot data centre at its Milford Proving Ground campus, where engineers conduct secretive work on future GM products.
The Bloomberg administration is ramping up its opposition to a GOP-sponsored Senate bill that would cap property taxes for apartment building owners whose tax abatements are about to expire, calling it "a large tax break dressed up as housing policy," the Daily News reported.
The idea of property tax abatement for certain military service members originates from the town of Braintree, where, in 2008, the town filed a home rule petition to implement the so-called "Citizen Soldier Act," extending benefits of a property tax abatement of up to 100 percent of the total tax assessed for members of the Massachusetts National Guard and to reservists on active duty in foreign countries.
After a brief public hearing, the council voted to delay the decision until it decides whether to change its tax abatement guidelines, The Romulus Roman reported Thursday in an article by Molly Tippen.
To entice DaimlerChrysler to remain in Toledo and construct a new vehicle-assembly plant near its existing facility, the state granted it approximately $280 million in tax abatements and credits.
DaimlerChrysler also would have received a 10-year, 100% property tax abatement based on its commitment to create and preserve existing jobs.
Thus, if a business receives a property tax abatement or other reduction in its property tax liability, the business will actually receive the benefits that the government has promised.
Nine months later, "by a fluke," the realtor found an old building in Silicon Alley that was being renovated under Mayor Rudolph Giuliani's tax abatement program.
The campaign pledged Gateway would seek "no tax abatement.