Definitions for "Tax Abatement"
A reduction in the amount of real estate taxes obtained by the owner petitioning the taxing authorities. The lease should provide for these benefits to be passed to the tenant.
an agreement between a taxpayer and a taxing unit that exempts all or part of the increase in the value of the real property and/or tangible personal property from taxation for a period not to exceed ten years
a reduction in the amount of real estate tax due over a period of time
The City of New York often offers developers tax breaks in the form of abatements in order to induce development in a particular area of the city. Most recently the wave of development in the downtown area has been spurred on by tax incentives offered by the city for the conversion of commercial space to residential housing.
After a bankruptcy court has discharged any tax liability as outlined in the bankruptcy codes, a form (3870) will be filed with the IRS as official notice.
Keywords:  april, cap, previous, bill, law
A law that was passed in April 2005 that places a 3% or 8% cap on property taxes over the previous year's tax bill.