What does it mean when a property is in abatement? Property tax abatements are offered by some cities in the form of programs that reduce or eliminate property tax payments on qualifying property for a set amount of time to be determined on an individual case basis. Tax abatements are reductions in the amount of taxes an individual or company is responsible for paying. The most common type of tax abatement is a property tax abatement granted to a business as an incentive to come to a city or expand existing operations within the city. A tax abatement is a reduction of taxes granted by a government to encourage economic development.What is tax abatement and how does it work? When a company receives a property tax abatement, its taxes are abated (reduced) by a certain percentage for however long the deal lasts. Property tax abatements, exemptions, and reductions are subsidies that lower the cost of owning real and personal property by reducing or eliminating the taxes a company pays on it.
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