abatements print - Nakul Shah CBA Block 4 April 9, 2010 The...

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Nakul Shah CBA Block 4 April 9,  2010 The general meaning of the word abatement is a decrease in the amount of taxation  faced by an individual or company. Abatements are offered to developers or constructors to  make them want to build. Abatements can last up to 30 years. When relating to real estate, an  abatement is a reduction in the property taxes which would otherwise be payable on the actual  value added to a property due to qualified improvement. In an abatement agreement, the owner  of the property pays a specific amount over time which cannot be increased due to inflation or  rising tax prices. If homeowners of a community need to pay more, the owner of the property  does not pay that extra amount. The money paid by the developers, 2% of the total cost of the  project, goes directly to the city budget rather than being divided within the city.  
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This note was uploaded on 03/24/2011 for the course ARTS AND S 101 taught by Professor Salime during the Spring '11 term at Rutgers.

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abatements print - Nakul Shah CBA Block 4 April 9, 2010 The...

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