Property Tax Abatement is a reduction or exemption from property taxes granted by local governments to encourage development or investment in certain areas. This financial incentive can help homeowners and businesses lower their tax burden, making it more affordable to maintain or improve their properties. Typically, property tax abatements are offered for a specific period and may apply to new construction, renovations, or specific types of properties. The goal is to stimulate economic growth, attract new residents, and enhance community development by making it financially easier for individuals and businesses to invest in their local areas.