Property taxation can sometimes impose negative consequences on property owners, developers, and economic development in general. Additionally, statutes and procedures that operate well on most properties may negatively impact certain types of property or certain localities. In response to these issues, governments have established a series of tax abatements or incentives for developers and property owners.

For example, in order to encourage the development of industrial properties that alleviate chronic unemployment in an area, governments may agree to reduce property taxation for a set period of time (tax abatements). Governments may similarly agree to a reduced rate of assessment or taxation to encourage the redevelopment of vacant or abandoned properties (tax incentives).

The awarding of such tax abatements and incentives generally entails an application and approval process that requires detailed information—not only about the real estate project, but also about the economic benefits that are expected to flow from the project. Often, the approval process encompasses many governmental jurisdictions, each of which may have their own guidelines and procedures.

Verros, Lafakis & Berkshire, PC and its attorneys have researched property tax abatements and incentive programs since their inception—and know how to obtain significant tax savings and benefits for their clients. The firm works with governmental bodies and attorneys representing governments, in addition to staying current on all changes in abatement and incentive approval procedures and laws. As a result, they have secured low-cost financing for clients establishing new properties and re-establishing vacant and abandoned properties—which has in turn led to higher employment and community sustainability.

For more information about property tax abatements and incentives, call Verros, Lafakis & Berkshire at (312) 701-1234 or contact us online.