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.