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 ?
A one percent increase in the use of either form of property tax abatement also reduces the median value of local homes by 0.03 percent.
And there's even a new battleground: further challenge to GM may come over the issue of tax abatements. Michigan has a 1974 law that allows local communities to grant 12-year tax breaks to companies building new plants or rehabilitating old ones.
First, the purpose of a tax abatement is to promote economic development (for example, revitalizing the local economy, retaining or attracting jobs and companies, increasing employment by existing employers, increasing the property tax base) or some similar objective (historical preservation, environmental protection, housing construction).
Kaczmarczyk and 23 others worked for the town last year in the senior tax abatement program.
Receiving the eight-year property tax abatement on the $83 million in new machinery and other equipment will save the company more than $4 million over the life of the abatement.
The district court upheld both the investment tax credit and the property tax abatement, and the plaintiffs appealed to the Sixth Circuit Court of Appeals.
Property tax abatement applications must be filed annually during the entire term that the project qualifies under the Enterprise Zone designation.
The project is shovel ready and is fully qualified for the 421a real estate tax abatement.
31 deadline, according to Tax Abatement Committee member and dairy farmer Diane Miller.
The amount of income equals the amount of the property tax abatement. If the municipality pays an employee's FICA tax obligation imposed under Sec.