Exemptions lower the amount of tax you owe by reducing your property's assessed value. Abatements reduce your taxes by applying credits to the amount of taxes you owe. Both exemptions and abatements can be awarded by the City for a variety of reasons. A few of the most common types:
Exemptions and abatements are typically tied to the property, and their benefits are “released” according to a pre-determined time schedule (usually 10, 15, or 20 years long). For current and future unit owners these benefits translate into reduced property taxes.