An abatement program is an agreement between a local taxing unit and a taxpayer that exempts at least part of the increase in the value of the property from taxation, according to the Texas Comptroller.
At its Aug. 19 meeting, City Council passed ordinances approving Aviation District Reinvestment Zone No. 1 and Reunion District Reinvestment Zone No. 1 as part of its consent agenda.
What you need to know
Council voted July 15 to allow new and existing properties to become eligible for an abatement program.
City Manager Kim Turner previously said that abatement zones do not guarantee abatement for an entity, with city staff and council hearing abatements on a case-by-case basis.
According to previous agenda documents, abatement eligibility kicks in when a property creates at least one new full-time employee and has up to $500,00 in added value as assessed by an appraisal district.
