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.
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