TAX ABATED PROPERTIES FOR SALE

ABATEMENTS OVERVIEW

“Abatements are tax incentives in the form of exemptions from paying taxes on part or all of the real estate taxes connected to a building in exchange for the construction or remodeling of that building as well as meeting other possible benchmarks.  These benchmarks can be in the form of investment in construction, retaining jobs or payroll, creating new jobs or payroll, community involvement, other acts that a municipality or township may ask for, or some combination thereof.

Abatements are responsible for more than just property taxes lost. Bringing new or higher-paying jobs brings increased income taxes based on retained or created payroll. Sales tax revenues grow from construction materials needed to build and construct the new development. Multiple projects in the county have also become destinations, thus drawing in additional visitors to the region in a way that is difficult to directly calculate but still provides an economic benefit to Franklin County communities. The businesses, investments, and long-term increase in taxable property within a community from these projects will persist after the immediate cost of the abatement has ended.” - Franklin County Auditor