Local governments often use property tax abatements to attract new industry and commercial enterprises and to encourage the retention and development of existing businesses. Incorporated cities, counties and special districts are allowed to enter into tax abatement agreements.
A tax abatement is a local agreement between a taxpayer and a taxing unit that exempts all or part of the increase in the value of the real property and/or tangible personal property from taxation for a period not to exceed 10 years. Tax abatements are an economic development tool available to cities, counties and special districts to attract new industries and to encourage the retention and development of existing businesses through property tax exemptions or reductions.
Public notice of any pending tax abatement agreements will be posted 30 days prior to a vote by City Council.
Texas Tax Code § 312.001
The Mont Belvieu City Council's resolution on Chapter 312 Tax Abatements including criteria can be viewed and downloaded HERE.
To view and download the City of Mont Belvieu Chapter 312 Tax Abatement Application, please click HERE.