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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. Chapter 312 of the Texas tax code created the ability for Texas jurisdictions to offer this incentive to developers.
Cameron County is an Economically Distressed County (EDC) – The Texas Administrative Code Chapter 176.01, allows economic incentives by local governments to induce private investment for the creation and retention of high quality jobs. Thus the entire county is treated as being designated as an enterprise zone.
To be qualified as an EDC, the4 following criteria must be met:
- Poverty rate above 15.4%*
- At least 25.4% of adult population does not have a high school diploma*
- Unemployment rate remained above 4.9% during preceding years**
*Based upon latest U.S. Census
**Based upon Texas Workforce Commission
*** Rates (2015- 7.1%), (2016-7.2%), (2017-6.9%), (2018-6.1%), (2019-5.5%), (2020-12.2%)