The neighborhoods that qualify may be less desirable after the abatement ends, your housing expense will jump significantly and if you fall behind on your property tax, the abatement is likely to be cancelled. Despite the savings, abatement programs can have drawbacks.
The purpose of these programs is to attract buyers to locations with lower demand, such as city neighborhoods being revitalized.You can buy a property that already has an abatement, or you can purchase an eligible property, make the required improvements, and apply for the abatement yourself.The abatements won't completely eliminate your property tax bill-you'll still have to pay taxes on the value of the property before it was improved.Tax abatement programs reduce or eliminate the amount of property tax homeowners pay on new construction, rehabilitation and/or major improvements.
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