What does abatement exemptions refer to?

Abatement exemptions specifically refer to a portion of the value of a property that is not considered to increase its taxable value. This concept is often applied in contexts where certain improvements or enhancements to a property may qualify for reductions in assessment for taxation purposes. For instance, a municipality may offer abatement exemptions to encourage development or revitalization, meaning that improvements made to properties during a defined period would not add to that property's assessed value for tax calculations.

This approach allows local governments to stimulate growth without immediately impacting property tax revenues. In contrast, the other options focus on different aspects of property value or taxation: full value of all property improvements implies a comprehensive assessment that doesn't account for any exemptions; increases in taxable property value would negate the essence of an abatement; and the current market value of the property represents the amount the property could sell for, which may differ from its taxable assessment value.