The Downtown Commercial Property Tax Abatement program allows a 100 percent tax abatement on the assessed value of the property improvements for a period of 10 years. Additional years can be approved based upon property investment as outlined within the guidelines.
Downtown Property Tax Abatement
- Under the authority of the Urban Redevelopment Corporations Law, redevelopment is encouraged through property tax abatement.
- 100% of the improved property value for a period of 10 years is available to property owners upon a certain amount of investment made to the property.
- The property owner only pays taxes on the land value.