What is a property tax abatement?

A property tax abatement is a form of tax relief for property owners in North Carolina. It is an agreement between a county and a property owner for a reduction in the amount of taxes due on a property. In other words, an abatement is a legal document that allows for a reduction in the amount of property taxes due to economic hardship or other circumstances. When a county grants a property tax abatement, the property owner agrees to an amount that reduces their tax bill for a certain number of years. In most cases, the abatement agreement will reduce the amount of taxes due on the property each year for the term of the agreement. In North Carolina, property tax abatements are granted to property owners who meet certain criteria. Generally, the county must demonstrate that the property owner is suffering from some form of economic hardship or other extenuating circumstance. The county also must demonstrate that granting the abatement will benefit the public in some way. Property tax abatements are an important tool for counties to provide relief to property owners and promote economic development in the county. The abatements are granted on a case-by-case basis and can be of great benefit to the property owner as well as the county.

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What is a property tax abatement?

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