Tax Assessments
A crash course on tax abatement
Tax abatement, contrary to what most people think of it as, is actually one of those few financial terms that can be explained (and explained, clear) in a sentence or two. The truth is, tax abatement may come in a lot of different forms (it is made available to the public in the forms of plans and programs) but all these essentially aim to do one thing -- that is, to provide financial relief or growth. In simpler terms, there is a tax abatement program made for 'this' and a tax abatement plan set up for 'that' to make the overall application process of the program much simpler and easier to understand. For instance, sales tax abatement and property tax abatement, two of the most popular tax abatement programs, may appear to be very different from each other but both of them just aim to hand over economic benefits by reducing or eliminating taxes.
The reason why a lot of people think that anything related to tax abatement is complicated is probably the difficulty in applying for and getting approved in the program. Tax abatement regulations vary from state to state which confuses some people. There are some states that do not offer sales tax abatement for example. Local governments in the states of Montana, New Hampshire, Alaska, Delaware, and Oregon do not have such program since they do not charge basic sales taxes at all. In terms of property tax abatement, there are cities that grant tax reduction only for instances of new construction of residential properties and the rehabilitation and additions to existing residential properties.
This explains why those who are contemplating for a certain tax abatement program should first contact their local court house, municipality, or town hall to inquire about their tax abatement policies. As long as you know what your local government has to offer when it comes to tax abatement, you will certainly receive all the conveniences that tax abatement is designed to give.
by: lbtriggerman
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