Glossary

tax abatement

A reduction, decrease, or diminution of taxes owed, often for a fixed period of time. (preservationnation.org)

tax assessment

Formal determination of property value subject to tax. (preservationnation.org)

tax credit

A “dollar for dollar” reduction on taxes owed. (preservationnation.org)

tax deduction

A subtraction from income (rather than taxes) that lowers the amount upon which taxes must be paid. (preservationnation.org)

tax delinquent property

A property for which property taxes and/or municipal bills are past due.

tax exemption

Immunity from an obligation to pay taxes, in whole or in part.

tax foreclosure

Tax foreclosure is the enforcing of a lien against real property by the government due to nonpayment of taxes by the property’s owner.

tax freeze

A "freezing" of the assessed value of property for a period of time.

tax increment financing (tif)

A financing tool used by cities and other development authorities to finance development costs including for housing and other public improvements in designated underdeveloped areas. Communities can borrow against the incremental tax revenue expected after completion of the improvements to provide initial funding of the investments.

traditional neighborhood development (tnd)

TND includes a variety of housing types, a mix of land uses, an active center, a walkable design, and often a transit option within a compact neighborhood scale area either as infill in an existing developed area or as a district scale project. See: Southside Neighborhood, Operation: Neighborhood

transit-oriented development (tod)

Transit-oriented development is the creation of higher-density, mixed-use development within walking distance a public transit hub. (reconnectingamerica.org) See: Clipper Mill, Bethel Center, West Hotel, Atlantic Station

glossary

Reclaiming Communities through Vacant Property Revitalization