What is Tax Abatement?

Tax abatement is a program available in the City of Richmond that reduces the real estate taxes due on a property for a finite period of time. The Abatement program can be used by those who improve the values home through renovation. The best way to think of the abatement program is to imagine that city forgoes taxing the improvements made for roughly 7 to 10 years. There are a lot of rules and requirements to qualify, so do your research before you start renovation.