Residential Tax Abatements

Residential Tax Abatement Schedule

This program is applied citywide for residential properties. The residential tax abatement plan calls for a five-year abatement schedule. Eligible improvements on residential properties receive:

  • 80% abatement the first year
  • 65% abatement the second year
  • 50% abatement the third year
  • 35% abatement the fourth year
  • 20% abatement the fifth year

On the sixth year and every year thereafter taxes on the full value of the property would be assessed.