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 1st year
- 65% abatement the 2nd year
- 50% abatement the 3rd year
- 35% abatement the 4th year
- 20% abatement the 5th year
On the 6th year and every year thereafter taxes on the full value of the property would be assessed.