Tax Abatements

A tax abatement is a temporary reduction or elimination of property taxes. It applies to real estate and, in some cases, the personal property that a local government or district taxes. Tax abatements only apply to eligible pieces of property, including new and renovated homes and commercial buildings.

Some towns offer a sliding scale to new businesses or property owners. The first year it could be they only pay 10% of the property tax. The second year it would be 20% and so forth up to 100% the tenth year.

Related Resources & News

Governor Cuomo Signs Legislation Authorizing Local Governments to Extend Deadline for Filing Property Tax Abatements to July 15th

Tax Abatements in New York State: GASB-77 and Making the Case for the Database of Deals - Cornell University Dept. of City & Regional Planning

Taking Advantage of Property Tax Abatement Programs

Section 467-I Real property tax abatement NYS

What Is a Tax Abatement?

How Tax Abatements Work

Dwindling Finds: NYC's last batch of new condos with 421-A tax abatements

The Taxman Cometh for Some Condos - NY Times