A tax abatement agreement is a contract between the City of Hartford and the owner of a rental property that fixes taxes on an annual basis at a rate less than the full tax amount. Tax abatement can be used with residential properties that is occupied solely by low or moderate-income persons or families. The housing may be newly created, or existing.
Typically, the term of the abatement is ten (10) years and may be renewed by the contracted property with City approval after a minimum of a one-year lapse between abatements, in which case the owner is expected to pay full tax.