Understanding Property Tax Abatements: Eligibility, Benefits, and Impacts

Abatements are reductions or exemptions granted to property owners in the amount of real estate taxes owed, usually for specific reasons such as age, disability, or economic hardship. These reductions or exemptions are typically granted by local governments and can vary depending on the jurisdiction and the specific program.

For example, some cities may offer a senior citizen abatement that reduces the real estate tax liability for qualifying seniors, while others may offer an agricultural abatement for farmland owners. To be eligible for an abatement, property owners must meet certain requirements and apply for the program through their local government.

Abatements can provide significant relief to property owners who are struggling to pay their real estate taxes, but they can also have a negative impact on local governments' revenue streams. As such, many jurisdictions carefully consider the criteria for eligibility and the amount of the abatement before granting them.