Tax Abatement

Tax abatement is a local 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 10 years. Tax Abatements are used to attract new industry and commercial enterprises and to encourage the retention and development of existing businesses.

The Tax Abatement incentive must be approved by the EDC Board of Directors. Then all tax abatements go before the City Council for final approval. This incentive is shown through property taxes over a certain amount of time.