Q: What does a 15 year tax abatement mean?
A: Some areas of the city have been approved for a tax abatement to help promote new development. Graystone is one of these communities. What this means for you as a home buyer is that for 15 years you will pay zero taxes on the structure. You only pay taxes on the land it is built on. This means you save hundreds of dollars per month off your house payment. After the 15 years have expired, the property is then assessed by the county and you will begin paying standard property taxes on both land and structure.
Q: What if I move before the 15 years are up?
A: The tax abatement is 100% transferable to the new home owners.